JD
Rockefeller 1839-1937 went to work as a bookkeeper at the age of 16 in 1855 in
a Cleveland Ohio commodity brokerage. He established his own business in 1859,
when the US drilled its first oil well. In 1863 he invested in a Cleveland oil
refinery. In 1865 he bought out his partners. In 1870 he established Standard
Oil Company of Ohio, selling lamp oil.
He bought up other refineries and formed Standard Oil Trust in 1882. Assets grew from $70M in 1882 to $360M by
1905.
Thomas
Edison had invented the light bulb in 1879 and JD Rockefeller went to work to
find other uses for oil. He set up a lab and produced gasoline that would be
used to power the internal combustion engine invented in 1876. Karl Benz had
developed the engine to run on gasoline in 1885. By 1890, cars were running on
gasoline.
Standard
Oil was dissolved in 1911. Inheritance Tax was established in 1913.
Norb
Leahy, Dunwoody GA Tea Party Leader
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