Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Family business introduction
Essay on history of crude oil
History past papers and answers oil industry
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Family business introduction
History of the Hunt Family
The history of Hunt family provides remarkable examples of both strengths and weaknesses of family business model. Sheer size of the company, characters of great egos and controversial political views always brought a lot of public attention to Hunt family. Yet the most interesting aspect, which will be investigated in this paper, is the interdependence of family and business dynamics. Based on the history of two branches of Hunt family, it will be demonstrated how changes within family can both ruin or foster business.
Fortune of the Hunt family was established by Haroldson Lafayette "H. L." Hunt, legendary oil prospector and one of the richest individuals of his time.
By trading poker winnings for oil rights, he ultimately secured title on much of the East Texas Oil Field, one of the world's largest oil deposits (see Appendix 2 “The Black Giant”).
To exploit this new field, the Hunt Oil Company was founded in 1936. Soon it grew to become the largest independent oil producer in the United States. Later H.L. Hunt began to develop large holdings in real estate, and involved in the production of consumer goods, but oil production was still a conerstone. By the time of his death in 1974 Hunt's fortune was estimated at between $2 and $3 billion (in 2011 prices).
H.L. Hunt thought he had superior genes and wanted to distribute them as widely as possible, according to a book written by one of his daughters. He had fifteen children by three wives. Many of his sons become famous on their own.
His first son, Hassie, who was expected to inherit the control of the family estate, successfully continued oil-prospecting business of his father, but eventually was lobotomized in response to severe schizophrenia.
Sec...
... middle of paper ...
...r the accident, he returned to school and gave up drinking and never resumed.
Yet he never abandoned luxury lifestyle. Al III's close family members believe he is a reckless son who, with his former beauty queen wife, blew millions of dollars on a lavish lifestyle.
On many occasions, Al Jr. covered millions of personal debts of Al III and his wife Erin. The business debts were even more significant. In 1997, Al III established a chain of service stations and convenience stores. By 2002 the business, Food Fast Holdings, was in bankruptcy with debts exceeding $20 million.
Works Cited
List of literature:
The Big Rich: The Rise and Fall of the Greatest Texas Oil Fortunes, by Bryan Burrough (Penguin Books, 2009)
Texas Rich: The Hunt Dynasty, from the Early Oil Days Through the Silver Crash
Corporate websites of Hunt Petroleum and Hunt Oil
D-Magazine publications
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
John D. Rockefeller as a Robber Baron A "robber baron" was someone who employed any means necessary to enrich themselves at the expense of their competitors. Did John D. Rockefeller fall into that category or was he one of the "captains of industry", whose shrewd and innovative leadership brought order out of industrial chaos and generated great fortunes that enriched the public welfare through the workings of various philanthropic agencies that these leaders established? In the early 1860s Rockefeller was the founder of the Standard Oil Company, who came to epitomize both the success and excess of corporate capitalism. His company was based in northwestern Pennsylvania. A major question historians have disagreed on has been whether or not John D. Rockefeller was a so-called "robber baron".
oldest of four children. He was known for being the fun one entertaining one of his family and of
At the turn of the century there was a new law named “Capture” therefore; whoever produced the oil owned the oil. If you did not produce the oil then somebody else would be willing to produce the oil. The consequences if the production of the well ran dried out weight the reward. “Oilmen were not the only ones who knew that production was often short-lived; bankers quickly learned that no prudent lenders extended a loan on the basis of oil production. “ It was a reality that oil production started of strong and quickly dropped off within a matter of a couple months. The risk was not worth the reward for either party which is the bakers or the oilmen. The ferocious cycles from boom to bust, from having more than enough oil to not enough would swing the price for oil up and down like a roll coaster. When a new oil field came in, the local markets hand more than enough oil, pushing the prices lower, making oil more affordable. However, whenever the oil production dropped it would send the prices sky rocketing making it unprofitable to stay in business. Pattillo Higgins would be willing to take on this challenge head on of producing oil. [Who is Higgins, Ernest? By giving at least a short introduction the readers w...
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...
One of the largest oil producing areas of the world is located in West Texas.
To describe John D. Rockefeller in one word would be an extremely difficult, if not impossible thing to do. Rockefeller was known by so many things in his time and still today; a captain of industry who revolutionised the American economy with new business practices and keen management of what he controlled, a robber baron who lied and cheated his way to the top with back room dealings and taking advantage of the most disadvantaged of people. In his early life, Rockefeller grew up in Richmond, New York with his two brothers and two sisters about 20 years before the start of the Civil War as the child of Eliza Davison and William Avery Rockefeller. His father was con artist who spent most of John’s life traveling selling his various elixirs and his mother was a devout Baptist who John said shaped his life and most of his religious views for the rest of his life. Towards the end of his life, Rockefeller had built up a beyond substantial fortune but, seeing as how he was now retired from the oil industry and had no desire to invest into a new business, he decided to follow Andrew Carnegie's Gospel of Wealth by donating the bulk of his wealth to charity. John D. Rockefeller was truly a man who was almost undefinable despite the simple black and white labels that most people and historians have pinned upon him, as we examine his life it can be determined that Rockefeller was neither an evil man nor a good one but someone who lived his life in the grey.
Rockefeller had a struggling oil company that was going bankrupt. Cornelius Vanderbilt saw an opportunity to get a good deal with Rockefeller. The deal was that John D. Rockefeller would pay Vanderbilt, who owned all of the railroads at the time, to transport crude oil from the ground to Rockefeller’s refineries. Then, Rockefeller would refine the crude oil into kerosene, put it in a can, and ship the cans across the country on Vanderbilts trains. Rockefeller However, John D. Rockefeller overshot on this deal, as he did not have the amount of oil he said he had. So, he went to work getting investors for his kerosene. Rockefeller got his investors and started to make tons of money. This deal was successful for both of them, as Rockefeller’s business took off, and Vanderbilt was being paid by Rockefeller. The deal was more successful for Rockefeller because this was the turning point in his upcoming oil
Throughout time, family dynamics continually adapt to fit an always changing society. Using the sociological imagination, I can analyze my family’s history to understand the shift between Puritan farming life to the Industrial Era to the modern-day family I live in now.
Steffy, L. C. (2010). Drowning in Oil: BP and the Reckless Pursuit of Profit. McGraw Hill.
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.
Numerous families living in small town America lost their income because of Standard Oil and forced hardship upon many. The legacy of John D. Rockefeller shall always live on as he has permanently shaped how this country looks. He has funded huge advancements in the fields of education and medicine along with starting the events to end lassiez-faire economics. The petroleum industry changed greatly during his career thanks to his research and completely new business methods were thought up of by him, some still in practice today.
People of John D. Rockefeller's time called him a tyrant, historians believe Rockefeller is credited with ushering the new age of business and economics, and many present day people believe he is one of the most charitable men in history; but if there is one thing certain, it is that Rockefeller had a huge impact on the United States and society. By buying out other competing companies, making deals, and utilizing his resources effectively, and from starting up as a book keeper working for a small commission produce shipper, Rockefeller became one of the most powerful men in the world. As Rockefeller controlled all companies that had to do with the drilling, production, storage, and transportation of oil through Standard Oil Company, he controlled almost all of America's Oil and had effectively minimized costs and expanded profit. Rockefeller is one of the most influential people in America as he is one of the first men to contribute so much to society either with his flawless, but merciless business tactics, or his generous philanthropic work.
Ward, J. L. (2004). Perpetuating the family business: 50 lessons learned from long-lasting, successful families in business. Palgrave Macmillan.