Oil, Coal, Steel and the Robber Barons Flashcards
(27 cards)
What did Native Americans use crude oil for?
As fuel and medicine.
When did Americans begin refining crude oil into kerosene?
In 1851.
What significant invention in 1859 helped extract large quantities of crude oil?
The first steam-engine oil drill.
Which 6 states experienced oil booms in the late 19th century?
Kentucky, Ohio, Illinois, Indiana, Texas, and Oklahoma.
Why was gasoline initially thrown away during the refining process?
Because there was no use for it at that time.
How much more coal was made from1870 to 1900?
From 33 million tons to more than 250 million tons.
Why were children often hired as miners in the 19th century?
Because they could fit in small spaces.
What are the properties of iron that make it unsuitable for building?
Iron is weak, soft, and rusts easily.
What is steel made of, and why is it better than iron for building?
Steel is made of iron and carbon, and it is lighter, stronger, and more durable than iron.
Who invented the Bessemer Process, and when?
John Bessemer in 1856.
What is the definition of a monopoly, and why are they discouraged in free-market economies?
A monopoly is a market structure with a single seller or product that assumes a dominant position in an industry or sector. They are discouraged because they stifle competition, limit consumer substitutes, and limit consumer choice.
When did Andrew Carnegie emigrate from Scotland, and how did he find financial stability?
He emigrated in 1848 at age 12 and found financial stability through work and networking.
What process did Andrew Carnegie bring to the United States after learning about it in the UK?
The Bessemer process.
By 1899, how did Carnegie Steel’s production compare to that of Great Britain?
Carnegie Steel produced more steel than all of Great Britain.
How much did Carnegie sell the Carnegie Steel Company for in 1901?
For $480 million (equivalent to $16 billion today).
Why is Andrew Carnegie considered by some not to be a “Robber Baron”?
Because of his charity; he gave away 90% of his wealth “for the improvement of mankind.”
What was Cornelius Vanderbilt’s investment strategy before the Civil War?
He invested all of his money in railroads.
What was the outcome of Cornelius Vanderbilt’s investments by the end of the Civil War?
He was the wealthiest man in America with a net worth of $68 million ($75 billion today).
How did John O. Rockefeller eliminate his competition in the oil industry?
By creating oil pipelines to cut railroads out of the oil business and by paying his employees poverty wages while charging high prices.
What percentage of US oil did Rockefeller control by the 1880s?
90%
How much did Rockefeller donate to charity, and what foundation did he establish?
He donated $540 million and established the Rockefeller Foundation.
When was J. P. Morgan born, and what industry did he become powerful in during the 1880s?
He was born in 1837 and became powerful in the railroad industry.
How did J. P. Morgan bail out the United States in 1895, and what was the impact?
By providing $62 million worth of gold to replenish the nation’s reserves, giving him a lot of power over the government.
What significant purchase did J. P. Morgan make in 1901, and what did it create?
He bought Carnegie Steel and created the world’s first billion-dollar corporation, US Steel.
