Standard Oil celebrates 108: The Tipline for 15 May 2019
The US Supreme Court ordered Standard Oil to be broken up 108 years ago today. The Department of Justice filed a lawsuit against John D Rockefeller’s company, alleging it had restrained trade in deals with railroads, its control of oil pipelines and by price-gouging smaller competitors. The court found that Standard Oil’s combinations qualified as an “unreasonable and undue restraint of trade” under the Sherman Act and ordered Standard Oil be separated into 33 different companies.
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