Question

Listen to Rockefeller's answer to the accusation that Standard Oil has been a destructive influence. What does Rockefeller believe about his actions?

a) He believes that Standard Oil's actions were indeed destructive.
b) He denies any wrongdoing and claims that Standard Oil was a force for good.
c) He acknowledges some mistakes but argues that the overall impact was positive.
d) He asserts that Standard Oil's actions were driven by government interference.

Answer 1

John D. Rockefeller believed that his actions and the actions of Standard Oil had a positive impact on the oil industry. He practiced horizontal integration, created trusts, and controlled oil prices to maintain dominance. Despite criticisms, Rockefeller and Standard Oil continued to dominate.

Step-by-step explanation:

John D. Rockefeller, the founder of Standard Oil, believed that his actions and the actions of Standard Oil were justified and had a positive impact. He practiced horizontal integration by merging with other oil companies and driving his competition out of the market. Rockefeller created trusts to control the operations of multiple companies and used discounts from suppliers and shippers to control oil prices. Despite the criticisms from progressive reformers, Rockefeller and Standard Oil continued to dominate the oil industry.