![]() As a result, the refining process was expensive, wasteful, and produced low yields. In the 1860s the process for refining was inefficient and resulted in products of inconsistent quality. Kerosene was the refined version of crude oil that powered the U.S., and many of the developed global economies, for most of the latter half of the 19th century. government had to create a new law – the Sherman Antitrust Act of 1890 – specifically to combat the market power that SO (the first trust ever created) had built for itself. In fact, SO was such an effective company, that the U.S. What started as a pure-play refinery in 1870, Standard Oil (“SO”) became a fully integrated, industrial behemoth with a 90% market share in kerosene refining, and perhaps one of the most effective corporations ever created.
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