What good does there need to be, when prices came down because of Standard Oil's innovations?
Prices fell mostly before 1873, when Standard had no power yet, and during its dominance, refining patents stalled. Cheap product, locked door.
What was stopping competitors from building their own pipelines?
Standard, it bought land to block Tidewater's route, lobbied for exclusive charters, and sabotaged rivals.
There were other transportation options, so it wasn't a monopoly.
Railroads charged Standard 10 cents per barrel and independents 35, then rebated Standard the difference. By 1900, Standard controlled 90% of pipeline investment, it wasn't one option, it was the option.
If the market was self-correcting, why did it take the Hepburn Amendment and the Supreme Court to open the door?
Prices fell mostly before 1873, when Standard had no power yet, and during its dominance, refining patents stalled. Cheap product, locked door.
Standard, it bought land to block Tidewater's route, lobbied for exclusive charters, and sabotaged rivals.
Railroads charged Standard 10 cents per barrel and independents 35, then rebated Standard the difference. By 1900, Standard controlled 90% of pipeline investment, it wasn't one option, it was the option.
If the market was self-correcting, why did it take the Hepburn Amendment and the Supreme Court to open the door?