Question

the men who built america episode 2: \oil strike\ - john d. rockefeller

1. what was the problem with rockefeller’s deal with cornelius vanderbilt?
2. john d. rockefeller had helped support his family because of his troubled father. what was the occupation of william a. rockefeller, john’s father?
3. rockefeller didn’t want to take the risk from finding oil wells. he avoided it by taking over another step in the process. what was that step?
4. why did rockefeller choose the name \standard oil?\
5. what did rockefeller do with the profits from his deal with both major railroads?
6. rockefeller created america’s first monopoly. vanderbilt realized that rockefeller was too powerful and decided to \take him down.\ how did vanderbilt try to accomplish this?
7. how did rockefeller attempt to solve the problem created by vanderbilt?
8. mark cuban said, \wherever there’s change, wherever there’s uncertainty, there’s opportunity.\ how did rockefeller demonstrate this principle?
9. how did rockefeller’s actions affect the railroads?
10. once the railroad stock crashed, they had to close the stock market. what did this \bubble burst\ mean for the average american?
11. most americans were really struggling, but rockefeller was still doing quite well - even buying up struggling companies. how did rockefeller view himself here?
12. scott realized he needed to diversify or lose. what did he begin doing?

Explanation:

1. Rockefeller over - promised in his deal with Vanderbilt and couldn't keep his promise.
2. William A. Rockefeller, John's father, was a traveling salesman and a con - man.
3. He avoided the risk of finding oil wells by taking over the oil - refining process.
4. He chose the name "Standard Oil" to guarantee a uniform policy and quality of kerosene in the industry.
5. The answer written ("Verbal Contract") is unclear. He likely reinvested and used the profits to expand his business empire.
6. Vanderbilt tried to take Rockefeller down by engaging in a price - war and other competitive tactics.
7. Rockefeller attempted to solve the problem created by Vanderbilt by building a long - distance pipeline so he could shut down the reliance on railroads.
8. Rockefeller demonstrated the principle that change and uncertainty bring opportunity by capitalizing on the chaos in the oil and railroad industries, for example, by taking over struggling companies and streamlining processes.
9. His actions initially gave the railroads business but later, as he built pipelines, it reduced their oil - hauling business and led to financial instability in the railroad sector.
10. The "bubble burst" of railroad stocks meant financial hardship for the average American as they lost investments and jobs related to the railroads.
11. Rockefeller likely saw himself as a shrewd businessman taking advantage of opportunities, buying up struggling companies to further his monopoly.
12. Scott began diversifying his business interests to avoid losses, likely investing in other industries or expanding his existing non - oil related businesses.

Answer:

1. He over - promised and couldn't keep his promise.
2. Traveling salesman and con - man.
3. Took over the oil - refining process.
4. To guarantee a uniform policy and quality of kerosene in the industry.
5. Likely reinvested and used for business expansion.
6. Engaged in a price - war and other competitive tactics.
7. Built a long - distance pipeline to reduce reliance on railroads.
8. Capitalized on industry chaos, took over struggling companies, streamlined processes.
9. Initially gave business, later reduced oil - hauling business and caused financial instability.
10. Financial hardship due to lost investments and jobs.
11. Saw himself as a shrewd businessman seizing opportunities.
12. Began diversifying his business interests.