Standard Oil used vertical integration to create an empire

Watch how American monopolies used vertical and horizontal integration strategies to command markets

Vertical integration occurs when a company controls the entire manufacturing or development process, whereas horizontal integration involves expanding a company's market share. Both strategies have been used by US monopolies to establish dominance in markets.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

Modern antitrust law was created to combat the Standard Oil Trust

John D. Rockefeller's Standard Oil Trust enabled him to evade laws against a single corporation buying stock in another. His centralized board of directors held stock in many different oil companies under his control, allowing Rockefeller to eventually monopolize the oil refining industry. Efforts to regulate and prevent the Standard Oil Trust's monopoly became known as "antitrust" laws.

Standard Oil's predatory business practices included temporarily operating at a loss to drive competitors out of business

Rockefeller's oil monopoly had a dark side, including cutting oil prices so low that Standard Oil was sometimes temporarily operating at a loss in order to drive competitors out of business.

How the Rockefellers' wealth evolved over time

The Rockefellers built one of the most powerful business empires in US history. By the early 1900s, their company, Standard Oil, controlled over 90% of the US oil market.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

The Seven Sisters were a dominant midcentury Western oil consortium

Amid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil.

Hollywood's 'golden age' was controlled by vertically integrated studios

Hollywood in the early to mid-20th century was largely controlled by the "Big Five" studios: Paramount, Warner Bros., Fox, MGM, and RKO. The studios were vertically integrated, overseeing every aspect of film production, distribution, and exhibition. During this era, actors like Cary Grant and Judy Garland were under contract with specific studios—typically for seven years. Garland signed with MGM at age 13, which counted on them to draw audiences.

Utility companies are often considered 'natural' monopolies

Natural monopolies occur in industries where the upfront costs of entering the market are high, making competition unrealistic. Investor-owned power companies, like Duke Energy, often have natural monopolies, as building alternative power grids and transmission lines is too expensive and impractical for competitors.

When a radio company was the biggest tech stock around

The Radio Corporation of America was the biggest stock during the 1920s. Originally called Marconi Wireless, the company transformed radio technology. The company pioneered broadcasting, created NBC, and became a tech giant. After remarkable growth and challenges, RCA was acquired by General Electric in 1986, marking the end of its 67-year independent existence.

The history of the North American power grid, which is composed of five major grids

Thomas Edison's Pearl Street Station was the first US commercial power plant, burning coal to power lamps for some Manhattan residents. Over time, local power plants would be bought out by larger ones, forming interconnected systems spanning multiple states. Today, the Eastern Interconnection and Western Interconnection are the largest of these systems.

A trading company became Britain's most powerful imperial force

The East India Company began as a private merchant venture and grew into Britain’s dominant power in India—amassing wealth, fielding armies, and governing tens of millions until the Crown took direct control in 1858.

Fracking originated in the American Civil War

After witnessing how artillery created fissures in narrow water channels, a Civil War veteran wondered if the process could be replicated in underground wells to extract oil. He patented an "exploding torpedo" for this purpose, which became the foundation for future fracking techniques.

Vince McMahon turned wrestling into a consolidated, national enterprise

In 1982, Vince McMahon purchased the World Wrestling Federation, which would later be renamed World Wrestling Entertainment, and quickly wiped out the WWE’s smaller regional promotions. By the late 1990s, he minted superstars like Chyna, Dwayne “The Rock” Johnson, and “Stone Cold” Steve Austin.

Motown Records used the assembly line for songwriting

In the 1960s, Motown Records was the world's most reliable rock 'n' roll label and the home of the Supremes. That success was largely due to its songwriting process, a finely tuned assembly line model inspired by Motown owner Berry Gordy's time working at the Ford Motor Company.

Value investing is the strategy of buying assets you believe are worth more than their current price

Famed investor Warren Buffett is known for building his empire with this strategy, which he learned from his mentor Benjamin Graham.

In 2016 OPEC and 10 major producers—including Russia—launched OPEC+

OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.

Coca-Cola operates under an asset-light, divided structure

The "company" manages the brand itself, as well as its secret formula and syrup production. The capital-intensive "system" of independent bottlers, on the other hand, handles manufacturing and distribution.

How the US Department of Energy facilitated bioremediation with emulsified soybean oil

At sites where soil and groundwater were identified as contaminated with volatile organic compounds, scientists and engineers at the Office of Legacy Management used microbes to safely clean them up without more invasive methods, such as pump-and-treat. Treatment zones created at one location by injecting oil to help microbes spread quickly.

Monsanto got its start in the early 1900s producing saccharin

The company was originally called Monsanto Chemical Works and was founded in 1901 by John Francis Queeny who was then a wholesale drug buyer. He named the company Monsanto for his wife's maiden name. At first, the company began producing saccharin with borrowed equipment and secondhand machines, aiming to produce domestically what was then being imported from Germany. (Some users may encounter a paywall.)

Sears once tried to become a tech company

In 1984, Sears arguably created one of the first online retail services, called “Prodigy,” in 1984 alongside IBM and CBS. But it was more of a WeChat than an Amazon, offering a variety of other services to users a few years before the dot com era.

Over-the-air updates, pioneered by Tesla, have become the industry standard

Tesla's innovative direct-to-consumer sales model and online ordering system changed car-buying, and the Model S, which had a 200-mile range, forced other automakers to enhance their EV offerings and rethink vehicle design.

Chicago deep-dish pizza arrived in 1943

Pizzeria Uno was the first establishment to sell the concoction, which turned more traditional pizza upside down, with cheese as the base and sauce as the topping. Soon, Uno employees went out on their own, sparking a citywide deep-dish phenomenon.

The era of advanced farming machines

Traditional agriculture, which for millennia was conducted primarily as subsistence farming by millions of workers, has been transformed since the industrial revolution. Agribusinesses continue to develop newer, more specific tools to streamline the...

Internal-combustion engines convert fuel into motion using controlled explosions

Gasoline engines mix fuel and air, compressing it and igniting it to create thousands of tiny explosions that push pistons up and down. This movement spins the crankshaft, which moves a vehicle's wheels.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Sony set the standard for cylinder-shaped batteries when it repurposed manufacturing equipment used to make rolls of magnetic recording tape.

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

In its famous catalog, Sears sold $600 DIY house kits from 1908 through the 1940s, resulting in an estimated 100,000 'Sears and Roebuck homes.'

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

Electrical grids worldwide must double their power delivery capacity by 2050 to meet surging demand from AI and electric vehicles.

Stanford built a Google Maps for the Roman Empire, revealing how much it cost to travel in the ancient world

Watch how deep-sea mining equipment collects and processes polymetallic nodules—metal-rich, potato-shaped rocks—from the ocean floor and creates environmentally damaging plumes of sediments.

Poison ivy's characteristic rash is caused by an allergic response to an oily compound in the plant called urushiol.

In 1915, workers recovered a submarine-like vessel from the Chicago River, prompting fears of German espionage

See how each of the more than two million known species relates to each other—and to common ancestors—in this zoomable tree of life.

A researcher recently discovered an interview from 1967 between groundbreaking journalist Joan Didion and the Grateful Dead, years before the band became an institution.

Dirty lightning is a thunderstorm created from friction between rising and falling flows of ash and smoke during volcanic eruptions.

Learn how monoclonal antibodies, which mimic the body's antibodies, can fight diseases like Ebola.