The trust was eventually broken up by a Supreme Court ruling in 1911. The Standard Oil Trust in turn owned 40 different affiliate companies, through which it continued to control most of the oil business in the United States.īecause of the Standard Oil Trust, and the anti-competitive practices that its control allowed, the idea of a ‘trust’ became associated with monopolies.
Rockefeller reorganized Standard Oil, which owned most of the oil production and transportation companies across the country, into a trust. While the Sherman Antitrust Laws were still a few years off, many states began passing laws against monopolistic companies. Janu– Standard Oil Reorganized Into TrustĪ share certificate for the Standard Oil Trust. Edwin Drake had drilled the first commercial oil well only a few years earlier, but Sweeney’s rock drill improved many of the shortcomings of this original design, and would be used extensively in many oil booms around the country. The rig was intended for drilling deep holes. The hollow drill-rod, the equivalent of modern drill pipe, allowed steam or water to be piped to the bottom of the hole so that it could be kept clear. The drill head was designed to be turned rapidly so that the cutting wheels cut into the rock and produced a clear hole. Aptly titled Improvement in Rock Drills, this piece included a roller bit and replaceable cutting wheels. This device includes many basic aspects of modern drill rigs that are still used today. In 1866, Peter Sweeney patented the first rotary drill, a design meant to be an improvement on an earlier creation from Britain’s Robert Beart. Pictured here is a drawing of Peter Sweeney’s patent.
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