This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Thursday, June 9, 2022 Today’s newsletter is by Jared Blikre, a reporter focused on the markets on Yahoo Finance. Follow him on Twitter @SPYJared. ExxonMobil (XOM) surged to its first new high in eight years on Wednesday. Unfortunately, the Dow Jones Industrial Average (^DJI) isn’t benefiting from the oil major’s 70% gain this year. And neither are… Source link
Read More »How Rockefeller’s Standard Oil Trust became Chevron, ExxonMobil, BP and Marathon
While large tech companies are currently feeling the heat from regulators and Congress, over a century ago, the trustbusters had their sights on Big Oil. Around the turn of the twentieth century, Big Oil was John D. Rockefeller’s Standard Oil Trust. By 1904, the monopoly controlled 91% of the U.S. oil market and 85% of final sales. But it was in the early wildcat days of 1863 that Rockefeller first founded the company that would become synonymous with “black gold.” Through a web of… Source link
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