3 ms·
From what I remember he did have an unstoppable monopoly. It helped that he could push around the railroads. But remember this is oil. When he was in charge Pen
by arkis22 3y ago
From what I remember he did have an unstoppable monopoly. It helped that he could push around the railroads. But remember this is oil. When he was in charge Pennsylvania at one point was the oil capital of the world. That is obviously a position that is impossible to keep right?
- WalterBright 3y agoChernow's explanation was that his competitors had learned how to compete with him.
- arkis22 3y agoHe bought all of the domestic competitors. Which is why they broke up standard oil into different oil companies. Then they all floated on the stock exchange and made him monstrously richer. Or at least he tried to. The idea was once you discover a lot of oil, its harder to control. but then what happened was international oil companies came around. Venezuela was very rich until they ruined it. RDS was immortalized by Tony Curtis in Some Like It Hot. https://www.youtube.com/watch?v=udZgIsIKU30 https://www.youtube.com/watch?v=udZgIsIKU30
- WalterBright 3y ago> He bought all of the domestic competitors. I don't think that's correct. He never had more than a 90% market share.
- patmorgan23 3y ago90% is pretty damn close to all, just like 10% is close to zero.
- WalterBright 3y agoThe 10% is good enough to prevent monopoly pricing.