At Home: A Short History of Private Life

by Bill Bryson

While others were failing and desperately trying to get out of the oil business, a small firm in Cleveland called Clark and Rockefeller, which normally dealt in pork and other farm commodities, decided to move in. It began buying up failed leases. By 1877, less than twenty years after the discovery of oil in Pennsylvania, Clark had vanished from the scene and John D. Rockefeller controlled some 90 percent of America’s oil business. Oil not only provided the raw material for an exceedingly lucrative form of illumination but also answered a desperate need for lubrication for all the engines and machinery of the new industrial age. Rockefeller’s virtual monopoly allowed him to keep prices stable and to grow fantastically rich in the process. By the closing years of the century, his personal wealth was increasing by about $1 billion a year, measured in today’s money—and this in an age without income taxes. No human being in modern times has been richer.