Who established the Standard Oil Company?

• A. Henry Ford
• B. Andrew Carnegie
• C. John D. Rockefeller
• D. Upton Sinclair

Answer: (C)

The Standard Oil Company was established by John D. Rockefeller, who played a crucial role in the development of the oil industry in the United States during the late 19th century. Rockefeller's innovative business strategies and practices enabled him to dominate the oil market, leading to significant advancements in petroleum refining and distribution. By the early 1900s, Standard Oil controlled a large percentage of the oil production and refining capacity in the U.S., greatly influencing the economy and industrial practices of the time.

Rockefeller's approach was characterized by the use of vertical integration, which allowed him to control every aspect of oil production, from extraction to selling. This not only made Standard Oil highly efficient but also set a precedent for future monopolies in other industries. His company was eventually broken up in 1911 due to antitrust laws, but Rockefeller's impact on both the economy and corporate practices can still be seen today.