The winding journey from Standard Oil to the modern oil industry

How Standard Oil created Chevron and ExxonMobil

Standard Oil was eventually ordered to separate into 34 different entities, and over the following years, those 34 companies merged into what is now called the “Big Four” in the oil industry.

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

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.

The history of the Rockefellers in 60 seconds

John D. Rockefeller—the world's first billionaire—once controlled 90% of the US oil refining market, built Standard Oil through vertical integration, and used his fortune to fund universities, museums, and landmarks like Rockefeller Center.

Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

The ins and outs of oil refining

The oil industry is broken up into the upstream, midstream, and downstream segments, and oil refining is part of the latter. “Downstream” refers to companies like Standard Oil that are converting crude oil into a finished product.

How famed investigative journalist Ida Tarbell took on Standard Oil

After watching her father lose his oil refining business to Standard Oil, Ida Tarbell began to focus on unfair business practices in the US, writing a series on the oil giant's transgressions.

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.

Trace the rise of oil: from early drilling to today’s global power

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

Large oil companies knew about the impact of carbon emissions since the ’70s

PBS Frontline’s The Power of Big Oil reveals how industry giants like Exxon and Shell were researching climate change in the 1970s but then funded denial campaigns—using internal science to sow public doubt for decades.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

Soybean oil fraud almost decimated American Express in 1963

A New York commodities trader who had defrauded the American government over uninspected meat for school lunches, Anthony "Tino" De Angelis, used American Express warehouses to sell soybean oil. However, Angelis had actually filled the tanks with water and placed just enough soybean oil on top of the tanks to pass inspection. American Express was liable for many of the tanks and its stock faced a huge downturn, opening the door for a then 33-year-old Warren Buffett to make his first purchase in the company.

GE’s removal marked the end of an era for the Dow

General Electric, the last surviving original Dow component, was dropped in 2018, after years of decline. Its exit symbolized the fading dominance of industrial giants and the index’s shift toward technology and healthcare.

The hidden engineering of gas stations

Contemporary gas stations are the result of a century of engineering progress. In the early 1900s, only a few thousand cars drove around, and they used kerosene. As vehicles and cheaper gasoline became more popular, fire hazards grew, forcing the invention of fuel pumps, underground storage tanks, and the automatic shutoff valve—all engineering marvels.

A stock market timeline

The stock market has come a long way since the 1600s, when the first version of a stock exchange was created in Amsterdam. Mile markers along the way include everything from the Dow Jones Industrial Average's creation in 1896 to the stock market woes during the COVID-19 pandemic in 2020.

A deep dive into Enron, one of the largest accounting scandals in history

Investing comes with great opportunities for reward, but it also carries great risk. Investors learned that the hard way when Enron collapsed. Everyone lost money—from the largest institutions on Wall Street to mom-and-pop investors who bought S&P 500 index funds. This series from American Scandal starts with a close-up into an investment manager at Enron who started to unravel the accounting scandal happening behind the scenes. Listen here.

How venture capital firms came to be

The venture capital firm that kickstarted an industry.

At the 100th birthday of Route 66, a look at what makes it distinctive

The iconic road from Chicago to Santa Monica was first laid out by Cyrus Avery, a member of the highway board, in the 1920s. Before the interstate system was created in the 1950s (rendering the route a tourist route), Route 66 became the site of major roadside attractions, food stops, and lore as early American drivers explored the countryside by highway. This visual-rich essay showcases its origins and how the route stands today.

The 1969 Santa Barbara oil spill galvanized the modern environmental movement

In January 1969, an oil platform off the coast of Santa Barbara ruptured, releasing roughly 3 million gallons of crude into the Pacific. The spill killed over 10,000 seabirds, dolphins, and seals, coating 35 miles of coastline.

How Netflix battled Blockbuster

The most consequential business stories involve intense rivalries. The story of Netflix versus Blockbuster is one of those: an agile upstart versus an entrenched incumbent. This nine-part podcast explores the key strategies and pivotal moments in the rivalry that upended the entertainment business, setting the stage for the streaming wars.

America's oldest companies still operating today

Did you know that the Ticonderoga pencil company dates back to 1795? Or that Baker's Chocolate started in 1765? This visualization depicts the oldest American companies that are still in operation today in a timeline—see it here.

The Erie Canal transformed New York City into America’s banking capital

By redirecting western trade through New York Harbor, the canal turned New York into the nation’s commercial hub. This surge in commerce shifted financial power from Philadelphia to Wall Street, establishing the city as America’s banking capital.

Learn about the relationship between Thomas Edison and Henry Ford

Despite their 16-year age difference, legendary inventor Thomas Edison and Henry Ford developed a close relationship after meeting at a convention in New York. The two—alongside environmentalist John Burroughs and Harvey Firestone, the founder of Firestone Tire—were known as the "Four Vagabonds" and were famous for their long roadtrips, which were often highly publicized.

See the evolution of Super Bowl logos and how the NFL refined its visual identity over time

Tracing Super Bowl logos from early, varied designs to today’s standardized look shows how the NFL adapted to shifting design trends, television demands, and brand strategy.

Ogilvy won the Shell account with a last-minute flight from New York to London

When Shell was searching for a new ad agency, David Ogilvy filled out the pitch questionnaire himself, planning to hand-deliver it to Shell’s President in New York. When he found out that the president was in London, Ogilvy hopped on a flight. This newsletter edition tells the full story of how Ogilvy’s grit and determination won Ogilvy & Mather the coveted Shell account.

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.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

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

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.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

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.

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.

A century of Billboard issues documenting the evolution of popular music.

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

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

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

Explore the history, structure, and species of Australia's Great Barrier Reef with this interactive journey narrated by Sir David Attenborough.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

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

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

Walt Disney's early film 'Alice's Wonderland' was a groundbreaking innovation in the silent film era

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.

Stars appear to twinkle because turbulence in the motion of molecules in Earth's atmosphere causes light to bend and wiggle rapidly on its way to the surface—a phenomenon called scintillation.

The distributor behind 'Rocky Horror' pulled the film from its scheduled national release, believing it would be a failure, though it eventually amassed a dedicated fanbase through midnight showings, a trend that continues over 50 years later.

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

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

See how Ebola tore through Guinea, Sierra Leone, and Liberia in 2014-2016.

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

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.