The Myth That Standard Oil Was a “Predatory Monopoly”

The theory that Standard Oil engaged in “predatory practices” and “exploited” consumers has prevailed in history books.
Yet economist John S. McGee reviewed over 11,000 pages of trial testimony, including the charges brought by Standard Oil’s competitors. He concluded there was “little to no evidence” of wrongdoing, adding that “Standard Oil did not use predatory price cutting to acquire or keep monopoly power."