What was Rockefeller and contribution to the oil industry?

John D. Rockefeller was a pivotal figure in the oil industry, co-founding the Standard Oil Company in 1870. He revolutionized the industry through innovative business practices, such as horizontal integration and economies of scale, which allowed Standard Oil to dominate oil refining and distribution in the United States. His efforts significantly lowered the cost of oil and made it more accessible, while also leading to the establishment of monopolistic practices that eventually prompted antitrust legislation. Rockefeller's legacy continues to influence the energy sector and corporate governance today.