FACTOID #151: The five countries with the highest coffee consumption are also the five countries whose citizens trust one another the most. Coincidence? Probably.
It was one of the successor companies to Standard Oil after the antitrust breakup in 1911. Standard Oil of Ohio was the original Standard Oil company founded by John D. Rockefeller.
BP took majority ownership of the company in the 1970s in return for its share of the Prudhoe Bay oilfield in Alaska. In 1987, after all other Standard Oil descendants had minimized use of the name Standard, Standard of Ohio, proud to be the original, sought to corporately rebrand itself under the Standard name while continuing to use the Sohio brand and others to sell gas in Ohio. The company used the same logo, but with Boron as the name in other states. However, the next year BP bought out the minority interest in Sohio and renamed all the Sohio and Boron stations 'BP' in 1991.
When BP merged with Amoco, its American headquarters moved from the former Standard Oil building on Public Square in Cleveland, Ohio to Chicago.
StandardOil’s quasi-monopolistic position had developed from aggressively competitive business practices, including purchasing competitors and engaging in volume-discount transportation deals with the railroad companies to ensure it could undercut smaller competitors' prices.
StandardOil, being formed well before the discovery of Spindletop and a demand for oil other than for heat and light, was well placed to control the growth of the oil business.
Oil literally could not leave the oil field unless StandardOil agreed to move it: the “posted price” for oil was the price that StandardOil agents printed on flyers that were nailed to posts in oil producing areas, and producers were in a take-it-or-leave-it position.
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