Standard Oil Faced Competition
Up until the mid-1880s, more than 80% of the crude oil in the world was recovered in the state of Pennsylvania. By the end of the decade, competition around the world was increasing from oil fields in Asia, Russia, and the South Pacific Islands. Then, an entirely new ship was created – the oil tanker – which made recovering crude from far away sources economically practical.
John D. Rockefeller Sr. Photo by Granger / Shutterstock
There was also competition from another source – electrical lighting. At first, it was more amusing, but it became a way more practical source of light and decreased the demand for kerosene. Rockefeller’s company extended its marketing of natural gas as a resource for heat and light. They also expanded marketing for gasoline, which was also inspired by new technology, the automobile (and the internal combustion engine).