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Oil has been used since the Ancient Greeks learned to pour it into the sea and then set fire to it in order to defend against attacking fleets of ships.  Noah may have used thick oil (called "pitch") to waterproof Noah's ark.  Moses' basket may have been made waterproof using oil, just as American Indians used it to waterproof canoes.<ref name="Oil">http://www.seed.slb.com/qa2/FAQView.cfm?ID=906</ref>

Oil has been used since the Ancient Greeks learned to pour it into the sea and then set fire to it in order to defend against attacking fleets of ships.  Noah may have used thick oil (called "pitch") to waterproof Noah's ark.  Moses' basket may have been made waterproof using oil, just as American Indians used it to waterproof canoes.<ref name="Oil">http://www.seed.slb.com/qa2/FAQView.cfm?ID=906</ref>

But the first modern oil well was in Pennsylvania, when Colonel Edwin L. Drake drilled down 72 feet near Titusville (just east of Pittsburgh) and struck "Oil Creek."  Oil production began there in 1859.  That oil sold for $40 a barrel then, compared with about $100 now.  But because a dollar was worth far more in 1859 than today, oil was more expensive then.  Oil was first used for medicine, as there were no cars yet.<ref name="Oil"/>

But the first modern oil well was in Pennsylvania, when Colonel Edwin L. Drake drilled down 72 feet near Titusville (just east of Pittsburgh) and struck "Oil Creek."  Oil production began there in 1859.  That oil sold for $40 a barrel then, compared with only about $50 now (this price fluctuates daily in the free market).  But because of all the inflation since 1859, a dollar was worth far more in 1859 than today, and thus oil was much more expensive then.  Oil was first used for medicine, as there were no cars yet.<ref name="Oil"/>

A devout Christian who abandoned public high school before finishing,<ref>When John D. Rockefeller later had children of his own, he and his wife homeschooled them until age ten. http://www.associatedcontent.com/article/44035/john_d_rockefeller_jr.html</ref> John D. Rockefeller had just started his first job a few years earlier.  He developed a tremendous work ethic, and was immediately attracted to the discovery of oil in 1859.  He quickly entered the business and worked with an inventor who knew how to cheaply refine the oil into something usable.  By 1870 Rockefeller founded Standard Oil Company, and then began pursuing highly aggressive business tactics to drive out competitors and consolidate his control (monopolize the industry).<ref name="Rockefeller">http://www.u-s-history.com/pages/h957.html</ref>   

A devout Christian who abandoned public high school before finishing,<ref>When John D. Rockefeller later had children of his own, he and his wife homeschooled them until age ten. http://www.associatedcontent.com/article/44035/john_d_rockefeller_jr.html</ref> John D. Rockefeller had just started his first job a few years earlier.  He developed a tremendous work ethic, and was immediately attracted to the discovery of oil in 1859.  He quickly entered the business and worked with an inventor who knew how to cheaply refine the oil into something usable.  By 1870 Rockefeller founded Standard Oil Company, and then began pursuing highly aggressive business tactics to drive out competitors and consolidate his control (monopolize the industry).<ref name="Rockefeller">http://www.u-s-history.com/pages/h957.html</ref>   

Rockefeller became perhaps the wealthiest man in the history of the world.  Predictably, people grew jealous of him, and his competitors sometimes lost their businesses.  Many politicians were determined to break up his huge company, and many critics accused him or his employees of engaging in illegal activities, even bribes, to build his business empire.  But other industries began to follow his example, and large industrial companies formed "trusts" (a type of monopoly) to control sugar, lead, beef and even whiskey.   

Rockefeller became perhaps the wealthiest man in the history of the world.  Predictably, people grew jealous of him, and his competitors sometimes lost their businesses.  Many politicians were determined to break up his huge company, and many critics accused him or his employees of engaging in illegal activities, even bribes, to build his business empire.  But other industries began to follow his example, and large industrial companies formed "trusts" (a type of monopoly) to control sugar, lead, beef and even whiskey.   

Congress ultimately passed the Sherman Act (sometimes called the "Sherman Antitrust Act") to prohibit monopolization and "restraint of trade" in 1890.  This law was sponsored by Senator John Sherman of Ohio (a candidate for the Republican presidential nomination in 1880 and the brother of General William Sherman).  The Sherman Act was not what broke up Rockefeller's oil empire, because in 1895 the Supreme Court weakened the law by upholding a powerful Sugar Trust, in ''U.S. v. Knight Co.''  The Sugar Trust controlled 98% of the sugar market, and the Supreme Court allowed it to continue.  Despite being weakened, the Sherman Act remains a very important law that is used frequently today.

Congress ultimately passed the Sherman Act (sometimes called the "Sherman Antitrust Act") to prohibit monopolization and "restraint of trade" beginning in 1890.  This law was sponsored by Senator John Sherman of Ohio (a candidate for the Republican presidential nomination in 1880 and the brother of General William Sherman).  The Sherman Act was not what broke up Rockefeller's oil empire, because in 1895 the Supreme Court weakened the law by upholding a powerful Sugar Trust, in ''U.S. v. Knight Co.''  The Sugar Trust controlled 98% of the sugar market, and the Supreme Court allowed it to continue.  Despite being weakened, the Sherman Act remains a very important law that is used frequently today.  Some complain that "Big Tech" (e.g., Google, Facebook, Apple, and Amazon) are monopolies which should be broken up under the Sherman Act.

The controversy about Rockefeller and monopolies divides free enterprise thinkers.  Some insist that the free market itself will cause the breakup of monopolies as appropriate.  Others say that monopolies are an impediment to free market competition and should be broken up by the government.

The controversy about Rockefeller and monopolies divides free enterprise thinkers.  Some insist that the free market itself will cause the breakup of monopolies as appropriate.  Others say that monopolies are an impediment to free market competition and should be broken up by the government before they cause more damage, and without waiting until the forces of the free market break them up.

'''Debate:  Should government break up monopolies?'''

'''Debate:  Should government break up monopolies?'''

Rockefeller was part of a huge economic boom that began before the end of Reconstruction in 1877 and continued through 1900.  There was a massive increase in America's "gross domestic product" (GDP), which is the total output (in dollars) of all the goods and services produced by labor and property located our country.  The GDP measures how much our entire country is producing, valued in dollars.  When we are prosperous it increases, and when we are in a depression it goes down or does not increase as much.

Rockefeller was part of a huge economic boom that began before the end of Reconstruction in 1877 and continued through 1900.  There was a massive increase then in America's "gross domestic product" (GDP), which is the total output (in dollars) of all the goods and services produced by labor and property located our country.  The GDP measures how much our entire country is producing, valued in dollars.  When we are prosperous the GDP increases, and when we are in a recession the GDP goes down or does not increase as much.  A depression is a severe, prolonged contraction in the GDP, along with high unemployment and immense hardship.  Since 1854, there have been 33 recessions, but only one depression (the Great Depression which began with the stock market crash in 1929).

By the late 1800s the wealthiest city in the United States was Williamsport, Pennsylvania, which was the center of the profitable lumber industry.  Now it is best known for hosting the Little League World Series!

By the late 1800s the wealthiest city in the United States was Williamsport, Pennsylvania, which was the center of the profitable lumber industry.  Now it is best known for hosting the Little League World Series!