Study Guide 5

Study Guide 5 - ! Week 5 Study Guide The Globalization of...

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18 Week 5 Study Guide The Globalization of Oil, 1859-1945 Videos: Wealth and Power: John D. Rockefeller The Prize: The Black Giant The Prize: War and Oil 1. In what part of the oil business did John D. Rockefeller establish his dominance? What advantage was he able to attain, and how did he consolidate that advantage? ( Wealth and Power ) He refined oil and kerosene and took over oil refining business made it impossible for others to compete. Also, he extorted railroads for his advantage for his profit and ruin his competitors. He created a monopoly 2. What was the key vulnerability of Standard Oil of New Jersey (modern-day Exxon) after the break-up of the Standard Oil Trust? ( The Prize: The Black Giant ) Walter Teagle was a very successful entrepreneur who had inherited the Standard Oil Trust Company. Company was largest but did not have its own crude oil source. He looked for crude oil in Iraq. Later they were able to find a surplus of oil in the US. 3. Why did Mesopotamia (Iraq) suddenly become so important for oil exploration in the
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Study Guide 5 - ! Week 5 Study Guide The Globalization of...

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