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John d rockefeller a captain of the industry
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John d rockefeller a captain of the industry
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The ethical of Exxon Mobil Company
Elonna Toussaint
Monroe College Abstract In this paper you will learned about a company named Exxon Mobil. That company was founded by John. D. Rockefeller and partners. The company was established in 1870. As you start reading first paragraph, you will see how their hardworking skills made the Standard Oil controlled 95% of the US refining capacity by the year of 1878. As you read further you see how they almost ruined their reputation because they misled the public about Climate Change for a long time. Exxon Mobil company tried to fix the problem by having a goal to reduce greenhouse gas emissions and encourage people to follow the Paris Climate Agreement. The ethical of Exxon Mobil Company Exxon Mobil company started when John D. Rockefeller and partners establish the Standard Oil Company in 1870. Due to their hardworking skills in political maneuvering and a merciless business ethic, by the year of 1878 Standard Oil controlled 95% of the US refining capacity. Unfortunately, by the year of 1989, Standard Oil's business enterprise was interrogating when company officials were indicted for disobeying the state
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Exxon had their own teams of scientists that study about global warming in the Arctic. The scientists told the public that global warming is real, and that it might possibly be danger to the company--higher sea levels could damage Exxon's drilling platforms, processing plants, pump stations, and pipelines. Inside both Climate News and The Los Angeles Times was reported that Exxon Mobil was conscious of the risks of climate change from their own scientific research, and used that research in its long-term planning for activities like drilling in the Arctic, even as it funded groups from the 1990s to the mid-2000s that denied serious climate
Rockefeller was America’s first billionaire, and he was the true epitome of capitalism. Rockefeller was your typical rags-to-riches businessman, and at the turn of the twentieth century, while everyone else in the working class was earning ten dollars max every week, Rockefeller was earning millions. There has been much discussion as to whether Rockefeller’s success was due to being a “robber baron”, or as a “captain of industry”. By definition, a robber baron was an industrialist who exploited others in order to achieve personal wealth, however, Rockefeller’s effect on the economy and the lives of American citizens has been one of much impact, and deserves recognition. He introduced un-seen techniques that greatly modified the oil industry. During the mid-nineteenth century, there was a high demand for kerosene. In the refining process from transforming crude oil to kerosene, many wastes were produced. While others deemed the waste useless, Rockefeller turned it into income by selling them. He turned those wastes into objects that would be useful elsewhere, and in return, he amassed a large amount of wealth. He sold so much “waste” that railroad companies were desperate to be a part of his company. However, Rockefeller demanded rebates, or discounted rates, from the railroad companies, when they asked to be involved with his business. By doing so, Rockefeller was able to lower the price of oil to his customers, and pay low wages to his workers. Using these methods,
The Gilded Age refers to a period in which things were fraudulent and deceitful; the surface was clinquant while underneath that lustrous coat laid corruption. During the Gilded Age companies recruited to corrupt methods to further increase profits, leading to an increase in power, rapid economic prosperity, and domination of industries, leading to monopolistic corporations. As a result, antitrust laws to regulate business began to emerge in the late 19th and early 20th century known as the Progressive Era. Among these companies was Standard Oil, which was founded in 1870 by John D. Rockefeller; in 1880, Standard Oil was responsible for refining 90 percent of America’s oil and between 1880-1910, dominating the oil industry (Marshall). The lack of intervention from the government and regulations impeding monopolistic practices allowed Standard Oil to
Fifth Edition Vol 2, New York: Longman, 1999. Hidey, Ralph W. and Muriel E. "History of Standard Oil Company (New Jersey), Vol. 1" Pioneering in Big Business" " Taking Sides Clashing Views on Controversial Issues in American History" eds.
Imperial Oil ltd. Limited (Esso) is a Canadian public corporation that produces crude oil and natural gas. Currently the headquarters are based out of Calgary, Alberta employing over 5000 people, with Exxon Mobil owning 69.6 percent of the company. Imperial Oil ltd. was previously located in Toronto and has recently moved all main facilities over to the Calgary, Alberta headquarters.1 Esso was incorporated in London, ON in 1880 and became a land mark in the development of crude oil and natural gases.1 Its retail business consists of service stations and "On the Run Express and Tiger Express-brand" convenience stores. Esso also owns a 25% portion of Syncrude, which are the world’s largest oil sands.1
As America’s first billionaire, few individuals in history can compare with John D. Rockefeller Sr. His wealth around the turn of the 20th century would be worth roughly twenty-two billion dollars in modern United States dollars. It is undeniable that Rockefeller changed the landscape of the American petroleum industry by defining the nature of oil production. By 1883, Rockefeller was laying the foundations for what we now know as the vertically integrated company and the modern multinational. The fruit of Rockefeller’s labor, the Standard Oil companies, controlled ninety five percent of petroleum refining and transport by 1880. It would not come as a surprise, given Rockefeller’s opulence, to find Standard Oil and its business practices under close scrutiny by his competition as well as the federal government. Rockefeller’s ruthless and legally questionable business tactics threatened the well-being of the United States’ capitalistic economy. Although the federal government had a prepared response to monopolies, the Sherman Antitrust, it was not enforced to its fullest potential because of the overwhelming influence possessed by Rockefeller due to his wealth. At the time of Standard Oil’s dissolution, their prominence was already waning, providing an entry point for powerful trust busters, such as Theodore Roosevelt and influential writer, Ida M. Tarbell. Standard Oil was allowed to exist for over a decade because of the economical, political, social, and legal complications in separating Rockefeller’s companies and the oil industry. The proper environment for a dedicated antitrust effort existed only after Standard Oil’s initial decline in influence.
One of the Gilded Age’s most prominent well-known philanthropist’s, John D. Rockefeller, had a lasting effect in the United States. He was America’s first ever billionaire. Rockefeller entered the oil business by first investing on an oil refinery in Cleveland, Ohio in 1863. He established his own oil company named “Standard Oil”, which controlled nearly 90 percent of America’s oil refineries by the 1880’s. At first, Rockefeller borrowed money from some of his buddy’s to buy out some stocks and take control of his first refinery in Ohio. He then formed the “Standard Oil Company” along with his brother William Rockefeller and other groups of men, John D. Rockefeller was the largest shareholder of the company. Standard oil was a monopoly in the oil industry for buying other refineries who were competition to Standard oil in order to distribute and market there oil around the globe. Standard oil even went as far as making their own oil barrels and employed scientists to develop other uses for kerosene and petroleum products. John D. Rockefeller was viewed as a target of “muckraking” by journalists, who viewed him as a monopoly giant setting up a monopolistic company in America which helped build his vast oil empire. Critics accused Rockefeller of engaging unethical practices such as competitive pricing when it came to products and negotiating with railroads to eliminate his competitors. The United States Supreme Court wou...
During the mid 2000’s until late 2012, media mogul Rupert Murdoch’s newspaper company, News Corp, conceived one the biggest scandals in media history to date. Speculation of phone hacking occurred in November of 2005 when the Royal’s officials reported possible voice mail phone hacking to the police because News of the World released a story about Prince William hurting his knee. The victims of the phone hacking scandal not only included the Royal family but also politicians, celebrities, people who were murdered, and family members of soldiers who died during combat totaling the victim list to 3,870. The entire duration of the investigation revealed not only disturbing information about the conducts committed by journalist, but the conspiring with private investigators and the London police enforcement, also known as the Scotland Yard, to cover up corruptions on all ends (CNN, 2012).
Exxon/Mobil, one of the nation’s leading oil producers, has its main refinery located in Beaumont, Texas. Each year, the residents of Beaumont/Port Arthur have to contend with the 39,000 pounds of pollution spewed each year by the Exxon refinery. Exxon’s emissions are 385% above the state refinery average. In 1999, the Texas Natural Resources Conservation Committee (TNRCC) allowed the plant to increase their emissions, without allowing the public to have a say in the matter. Interestingly, 95% of the people living near the plant are of African American descent and are in the poverty range. Some believe that this, along with the lack of education in the area, allows Exxon to get away with such high emissions. Residents in nearby neighborhoods have been complaining of headaches, nausea, eye, and throat irritation for years. Since 1997, Mobil has repeatedly violated health standards in its emissions of two key air pollutants: sulfur dioxide and hydrogen sulfide, These “rotten egg” smells are so strong, one can smell it through a car driving past the refinery. After numerous complaints and one record of a refinery worker becoming unconscious because of the fumes, the EPA awarded Exxon with a $100,000 environmental justice grant in October of 1998. Hopefully, Exxon has put the money to good use and cleaned up their emissions.
...mpanies, it eventually came to the point where they couldn’t keep up and eventually became a part of Standard Oil. By the time Rockefeller had reached the age of 40, his company had controlled all national oil refining by 90% and about 70% of international export of said oil.
Rockefeller was an industrialist and philanthropist who made his fortune by founding the Standard Oil Company in 1870. Attempting to monopolize the industry and squeeze out the middle man, Rockefeller slowly gained almost complete control of the oil industry. He formed the powerful Standard Oil Trust in 1882, which united all of his companies and secured 95% of oil production in the United States for himself. Rockefeller was an industrialist who stamped out all of his competition with his trust, eventually leading to Congress intervention.
People need to reduce the use of carbon footprints because many companies like Exxon and Keystone XL did their dirty business that effect public health and environment. Political campaigns are part of the effect in global warming because they promise to go green but never make an effort. Obama forced to solve climate but fail to do so in 2008. Obama signed a billion that support teams of energy advisors and control carbon emissions. According to Derber, big business did not support the bill and tried to get rid of it. Fracking is a process used by fossil fuel companies to extract oil and gas from shale or other deep rocks. There was a movement against fracking lead by Jill Wiener who fought for 5 years to keep fracking legalized in New York and some people were arrested in the White house for
Pratt, Joseph A. “Exxon and the Control of Oil.” Journal of American History. 99.1 (2012): 145-154. Academic search elite. Web. 26. Jan. 2014.
We have been engaged to audit the financial statements for Exxon Mobil Corporation (ExxonMobil) and assess the effectiveness of their internal controls for the fiscal year ended December 31st, 2010 in compliance with the laws of the state of Texas and the standards set forth by the Public Company Accounting Oversight Board (PCAOB). In the previous memo sent, we outlined the client’s high inherent risk due to the account balances and transactions, foreign currency translations and the complexity of accounting for and auditing the client’s vast oil reserves and inventories. This memo will address preliminary assessment of control risk and the appropriate level of detection risk given the forgoing conclusions on inherent risk, audit risk and control risk.
The climate crisis of the 21st century seems to be all about climate change and or global warming. Many people think the most of the manmade climate is being caused by the world’s largest companies that use the most power, which between them produced nearly two-thirds of the greenhouse gas emissions generated since the dawning of the industrial age, new research suggests. The companies range from investor owned firms, household names such as Chevron, Exxon and BP to state owned and government ran companies. The analysis say that, which has been welcomed by the former Vice President Al Gore as a "crucial step forward" found that most of the majority of the companies were in the business of producing oil, gas or coal. (Kenny)
Granitz and Klein, in their analysis of the case, explain Rockefeller’s success in monopolizing the petroleum industry through transportation rather than refining. In contrast to the refining industry, there were only three railroads that transported petrol in 1870. Entry into the transportation stage was difficult because of high fixed costs. Therefore, it was possible to establish a cartel by “collusively agreeing to stabilize individual railroad market shares and by shifting petroleum shipments between railroads to enforce the agreement” (Granitz and Klein 1996, p. 2). The railroads facilitated Standard’s refinery acquisitions and prevented entry by setting high rates to non-Standard refiners. Rockefeller, very shrewdly, cooperated with the railroads t...