"The Arabian American Oil Company, commonly known as Aramco, was the original name of what is now Saudi Aramco.
It was founded in 1933 as a result of an agreement between Saudi Arabia and
the Standard Oil Company of California (Socal). B
The company was later renamed Arabian American Oil Company in 1944.
In 1988, the Saudi government took full ownership and control,
renaming it Saudi Aramco. Today, Saudi Aramco is a state-owned energy giant and the world's largest oil producer. "
"As of 2024, it is the fourth-largest company in the world by revenue
and is headquartered in Dhahran.
Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than
270 billion barrels
(43 billion cubic metres),
and largest daily oil production
of all oil-producing companies"
___
John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American businessman and philanthropist.
He was one of the wealthiest Americans of all time
and one of the richest people in modern history.
Rockefeller founded the Standard Oil Company in 1870. He ran it until 1897 and remained its largest shareholder. In his retirement, he focused his energy and wealth energy and wealth energy and wealth energy and wealth energy and wealth energy and wealth leading to energy and wealth energy and wealth
Died
May 23, 1937 (aged 97
___
Rockefeller's wealth grew substantially as kerosene and gasoline became increasingly important commodities, eventually making him the richest person in the United States.
By 1900, Standard Oil controlled about 90% of the nation's oil production.
The company lowered production costs and expanded oil distribution through corporate and technological innovations, but it also benefited from a legal environment that enabled consolidation.
Critics argue that regulatory capture played a role in facilitating its monopoly–a view reinforced by Rockefeller’s reputed remark,
“Competition is a sin.”
____
The Supreme Court ruled in 1911 that Standard Oil must be dismantled for violation of federal antitrust laws.
It was broken up into 34 separate entities, which included companies that became ExxonMobil, Chevron Corporation, and others—some of which remain among the largest companies by revenue worldwide.
Consequently, Rockefeller became the country's first billionaire, with a fortune worth nearly 2% of the national economy.
His personal wealth was estimated in 1913 at $900 million,
which was almost 3% of the US gross domestic product (GDP) of $39.1 billion that year
He adhered to total abstinence from alcohol and tobacco throughout his life
Rockefeller was also considered a supporter of
capitalism based on a perspective of social Darwinism,
and he was quoted often as saying,
"The growth of a large business is merely a survival of the fittest."
Kinda like Cancer.
___.
Standard was growing horizontally and vertically.
It added its own pipelines, tank cars, and home delivery network.
It kept oil prices low to stave off competitors, made its products affordable to the average household,
and, to increase market penetration, sometimes sold below cost.
It developed over 300 oil-based products from tar to paint to petroleum jelly to chewing gum.
0 lordy, By the end of the 1870s, Standard was refining over 90% of the oil in the U.S.[67
Chewing paint, tar gum, jelly lord, all at yer Standard Church.
___
"He instinctively realized that orderliness would only proceed from centralized control of large aggregations of plant and capital, with the one aim of an orderly flow of products from the producer to the consumer.
That orderly, economic, efficient flow is what we now, many years later,
call 'vertical integration'.
I do not know whether Mr. Rockefeller ever used the word 'integration'. I only know he conceived the idea."
___
By 1880, according to the New York World, Standard Oil was "the most cruel, impudent, pitiless, and grasping monopoly that ever fastened upon a country"
___
Think of that next time you're Filling the Tank of yer SUV at Chevron, Texaco, Exxon, Mobil, Bloodsucker Oil
Saudi Arabia, Standard was there
__&
"The company's vast American empire included 20,000 domestic wells, 4,000 miles of pipeline, 5,000 tank cars, and over 100,000 employees"
The National Petroleum Exchange opened in Manhattan in late 1882 to facilitate the trading of oil futures"
Now Cushing Ok grease the wheels.
__
"The Paris Rothschilds jumped into the fray providing financing. Additional fields were discovered in Burma and Java. "
____
"I never had an animus against their size and wealth, never objected to their corporate form.
I was willing that they should combine and grow as big and wealthy as they could, but only by legitimate means.
But they had never played fair, and that ruined their greatness"
___
"At last in 1911, the Supreme Court of the United States found Standard Oil Company of New Jersey in violation of the Sherman Antitrust Act.
By then the trust still had a 70% market share of the refined oil market but only 14% of the U.S. crude oil supply"
ordered it to be broken up into 34 new companies. These included, among many others, Continental Oil, which became Conoco, now part of ConocoPhillips;
Standard of Indiana, which became Amoco, now part of BP;
Standard of California, which became Chevron;
Standard of New Jersey, which became Esso (and later, Exxon), now part of ExxonMobil;
Standard of New York, which became Mobil, now part of ExxonMobil;
and Standard of Ohio, which became Sohio, now part of BP.
Pennzoil and Chevron have remained separate companies.
___
"Rockefeller believed in the Efficiency Movement, arguing that: "To help an inefficient, ill-located, unnecessary school is a waste ... it's Trump U."
"Rockefeller also provided financial support to such established eastern institutions as
Yale, Harvard, Columbia, Brown,
Bryn Mawr, Wellesley and Vassar.
On Gates' advice, Rockefeller became one of the first great benefactors of medical science.
In 1901, he founded the Rockefeller Institute for Medical Research in New York City.
It changed its name to Rockefeller University in 1965, after expanding its mission to include graduate education.
It claims a connection to 23 Nobel laureates."
"Rockefeller became well known in his later life for the practice of giving dimes to adults and nickels to children wherever he went.
He even gave dimes as a playful gesture to wealthy men, such as tire mogul Harvey Firestone. "
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