Oil has always been a coveted natural resource. Oil was discovered in the United States in 1859; since it was a young industry, it was without any structure. That is where John Davison Rockefeller stepped in. John Rockefeller was at one point one of the richest men in the world, monopolizing the oil industry which played a major role in shaping the economy.
John D. Rockefeller was born on July 8, 1839 in Rickford, New York. He grew up in a very poor family. His father was William Avery Rockefeller. He claimed to be a doctor, who for $25 would cure various diseases. His mother was Eliza Davison Rockefeller. She was the role model who taught Rockefeller his values and morals (Poole). John Rockefeller was the second child. Altogether he had five brothers and sisters (Outman 139). As a child he was very business smart. At the young age of 12 he loaned $50 to a famer. He charged a 7% interest. When he was older he said this about the business deal, “The impression was gaining ground with me that it was a good thing to let money be my servant and not make myself a slave to money” (Poole).
To be a good business man it is important be highly educated. John D. Rockefeller went to middle school at Owega Academy in Owega, New York. He exceled at preforming difficult math problems in his head. In all his other classes he was an average student. He attended high school in Cleveland, Ohio. He exceled in math and was on the debating team. His school emphasized public speaking which would help him later in life. When he graduated from high school he went on to college. He attended a ten week college called Folson’s Commercial College. Some of his studies included bookkeeping, penmanship, business history, banking, and exchange just to name a few (Poole). After college, Rockefeller went on to meet his wife, Laura Celestia Spelman. Laura was his high school classmate in Ohio and was currently employed as a teacher. Her father was a very well-known and successful business man. They were married in 1864. Together they had five children, sadly one died as an infant (Outman 140).
Now that Rockefeller had a family, he needed a job to support his family. His first job was working at a bookstore called, Hewit and Tuttle. He worked as an assistant bookkeeper (Outman 140). At first, he was a cashier but soon was promoted after becoming the model employee (Poole). Soon after that, he was promoted to head bookkeeper. After four years, Rockefeller decided to be his own boss. He decided he wanted to start a grocery store (Outman 141-142). He became partners with Maurice Clark, they became commissioner’s merchant. Some of the products they sold included grain, hay, meats, etc. Rockefeller soon realized that the business was small. He decided to join the oil business (Poole).
During the time Rockefeller wanted to join the oil business it was in shambles. Since oil was found in the United States only one year before this. The business had no structure and was filled...