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June 20, 2010
"Sic Semper Tyrannis"
Pro Commerce says Blame it on John D.
BP is the creation of John D. Rockefeller. John D.s company was split up by 1911, a decade after he retired. He designed one hell of a brilliant and efficient company. One of the split off companies, Standard Oil of Ohio kept growing and buying other less productive oil companies until, a century later, it became the current BP. Oil companies have to be big so they can stand up to nations, most of which are run by tyrants, including the current temporary occupant of the White House.
Posted by Vanderleun at June 20, 2010 12:43 PM. This is an entry on the sideblog of American Digest: Check it out.
Your Say
In 1954 I was hired for my first job as an oil geologist by Standard Oil Company of Indiana, which went by the moniker "Stanolind." (It was part of the original Standard Oil Company.) A history of the name changes it went through on its way to becoming a part of BP as well its successes in oil exploration is at:
http://en.wikipedia.org/wiki/Amoco
My few years in the oil exploration business were spent mostly doing field mapping in Colorado, Utah, Wyoming, and Idaho. It was interesting, challenging work but oil seemed stuck at $2/barrel and the future did not look bright. So much for my vision. I left the company permanently in 1960 when I was recalled to active duty in the Navy. I decided to spend my life flying airplanes for whoever would pay me for it and didn't look back. But that's a whole 'nother story.
Posted by: Jimmy J. at June 20, 2010 9:28 PM
He is wrong. Sohio was one of the smaller of the baby Standard Oil companies, spun off after the 1911 law suit that resulted in the Break-up of the original standard oil companies.
BP is the residue of the original Anglo-Iranian oil company, after nationalizations by the Iranians and Labour, and privatization by the Thatcher Government. It was never part of Rockefeller's keiretsu.
BP bought Sohio in the 70s. It later bought Arco (Atlantic Ritchfield), of which the Atlantic division was a Standard Company, and Amoco, descended from the Standard operations in Indiana, and the upper Midwest. All of these acquisitions occurred long after the initial stake in Sohio. Which in turn was a long time after the break up of the original Rockefeller companies before WW I (the Great War).
Posted by: Fat Man at June 20, 2010 9:59 PM
There is a wonderful story on JD Rockefeller over at The Objective Standard (Ayn Rand Institute). The story makes the point at the time JDR was capturing 90% of market share for kerosene he was driving the price down by a similar amount.
Here's the link:
http://www.theobjectivestandard.com/issues/2008-summer/standard-oil-company.asp
Posted by: Scott M at June 23, 2010 2:57 AM
Great post! Thanks!
Posted by: Christine at April 22, 2011 7:23 AM