The oil business refers to the industry involved in the exploration, extraction, refining, and distribution of petroleum products. It played a pivotal role in the industrial development during the Gilded Age.
Related terms
John D. Rockefeller: He was an American industrialist who dominated the oil industry during the Gilded Age through his company Standard Oil.
Monopoly: A monopoly refers to exclusive control or domination of a specific industry by a single company or individual.
Trusts: Trusts were large organizations formed by consolidating multiple companies under one management board, often used by industrialists to control markets and eliminate competition.