Standard Oil dissolved

Historical Context Note

Lucas Paul Richert (University of Saskatchewan)

The Literary Encyclopedia. Volume 3.2.3: American (US) Writing and Culture: The Early Twentieth-century , 1900-1945.
Vol. editors: J. Michael Duvall (College of Charleston), Emory Elliott (University of California, Riverside), Dale Enggass (University of Utah), Matthew Hofer (University of New Mexico), Stephen E. Meats (Pittsburg State University), Tony Papanikolas (San Jose State University), Justin Parks (UiT - The Arctic University of Norway), Nick Selby (University of East Anglia)

Domains

Oil Trade

Dates

Date of occurrence 1911-05-15

Places

United States (Location)

Resources

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In 1906 the U.S. Government launched a suit against Standard Oil Company on the grounds that it had violated the 1890 Sherman Antitrust Act. In 1911, the U.S. Supreme Court ordered Standard Oil to divest itself of all its major holdings. The lawsuit had its antecedents in the late 19th century, when Standard Oil eliminated much of its competition to control 90 to 95 percent of the oil produced in the United States. In 1882, Standard Oil of New Jersey was established to refine, produce, and market oil; however, this company and its nine trustees also governed over 40 corporations. In 1899, all assets and interests were consolidated in one holding company, Standard Oil of New Jersey. Critics believed that this concentration of economic power was unduly excessive and ultimately harmful to…

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140 words

Citation: Richert, Lucas Paul. "Standard Oil dissolved". The Literary Encyclopedia. First published 01 November 2008 [https://www.litencyc.com/php/stopics.php?rec=true&UID=5561, accessed 24 April 2024.]

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