![]() Flagler formed arrangements with railroads to extracting. They formed Standard Oil Company in 1870 as a joint stock company intent on consolidating all refiners into one giant combination. In 1867, he teamed with Henry Flagler, who hated "unbridled competition" and believed that cooperation among producers was key to minimizing risk. With a head for figures and clear vision, Rockefeller mastered every aspect of the new industry. Rockefeller improved the quality of his products and took the first steps towards integrating supply and distribution, to insulate his business from market volatility and to improve its competitive position. The Prize became a bestseller, helped by its release date in December 1990, four months after the invasion of Kuwait ordered by Saddam Hussein and one month before the U.S.-led coalition began the Gulf War. After Drake's breakthrough, they had concentrated on oil refinery. The Prize: The Epic Quest for Oil, Money, and Power is Daniel Yergin's history of the global petroleum industry from the 1850s through 1990. Rockefeller surprised Maurice Clark by accepting his offer to dissolve the partnership, and bought him out for $72,000. ![]() Early in 1865 two partners in a bustling Cleveland refinery were engaged in one of their frequent disputes. ![]()
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