num, he formed a partnership in the commission business with a British Immigrant, Maurice B. Clark . At the same time the first oil well was sunk at Titusville in western Pennsylvania, giving rise to the petroleum industry. Cleveland soon became a major refining center for this booming industry, and in 1863 Rockefeller and Clark decided to enter the oil business as refiners. They entered a new a partner, Samuel Andrews who had some experience in the refineing business, they built and operated an oil refinery under a new company of Andrews, Clark & Co. The firm continued the commission business but a disagreement in among the partners who were five then over the business management led to decision to sell the refinery to the highest bidder. Rockefeller bought it for $72,000, sold out his other interests and together with Andrews formed Rockefeller & Andrews. Rockefeller ‘s stake in the oil industry increased as the oil industry itself expanded, spurred by the rapidly spreading use of kerosine for lighting. In 1870 Rockefeller decided to form the Standard Oil Company along with his brother William, Andrews, Henry M. Flagler , S.V Harkness, and others. The company had a capital of $1 Million .By 1872 Standard Oil had purchased and thus controlled nearly all the refining firm in cleveland in addition to two in New York city area. It did not take time for the company o start refining 29,000 barrels of crude oil and had it’s own cooper shop manufactring wooden barrels. The company also owned storage tanks with a capacity of several hundred thousand barrels of oil, warehouses for refined oil, and manufactring plants for glue and paints. The Standard Oil Company prospered during the 1880’s and all it’s properties were dissolved to form the Standard Oil Trust, the first major business trust in the United States. It now had an initial capital of $70 millio...
