Energy
Chart: The Evolution of Standard Oil
The Evolution of Standard Oil
Rockefeller’s juggernaut was split into 34 companies
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
A couple of weeks ago, we published an infographic showing how the list of the most valuable companies in the U.S. has changed drastically over the last 100 years.
Near the top of that list in 1917 is The Standard Oil Company of New Jersey, which is just one of the 34 forced spin-offs from the original Standard Oil juggernaut that was split up in 1911.
In today’s chart, we look at the “fragments” of Standard Oil, and who owns these assets today.
Monopoly Decision
At the turn of the 20th century, John D. Rockefeller’s Standard Oil was a force to be reckoned with. In the year 1904, it controlled 91% of oil production and 85% of final sales in the United States.
As a result, an antitrust case was filed against the company in 1906 under the Sherman Antitrust Act, arguing that the company used tactics such as raising prices in areas where it had a monopoly, while price gouging in areas where it still faced competition.
By the time the Standard Oil was broken up in 1911, its market share had eroded to 64%, and there were at least 147 refining companies competing with it in the United States. Meanwhile, John D. Rockefeller had left the company, yet the value of his stock doubled as a result of the split. This made him the world’s richest person at the time.
Resulting Companies
The company was split into 34 separate entities, mainly based on geographical area.
Today, the biggest of these companies form the core of the U.S. oil industry:
- Standard Oil of New Jersey: Merged with Humble Oil and eventually became Exxon
- Standard Oil of New York: Merged with Vacuum Oil, and eventually became Mobil
- Standard Oil of California: Acquired Standard Oil of Kentucky, Texaco, and Unocal, and is now Chevron
- Standard Oil of Indiana: Renamed Amoco, and was acquired by BP
- Standard Oil of Ohio: Acquired by BP
- The Ohio Oil Company: Became Marathon Oil, which eventually also spun-off Marathon Petroleum
But that’s not all – the Standard Oil asset portfolio also carried some other interesting brands that you’d recognize today:
Yes, even Vaseline was originally a part of Standard Oil. Inventor Robert Chesebrough derived the product from petroleum residue, and the spun-off company (Chesebrough Manufacturing Company) was purchased by Unilever in 1987.
Meanwhile, the Union Tank Car Company is a part of Berkshire Hathaway today – and Pennzoil is owned by Royal Dutch Shell.
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Energy
Who’s Still Buying Fossil Fuels From Russia?
Here are the top importers of Russian fossil fuels since the start of the war.

The Largest Importers of Russian Fossil Fuels Since the War
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.
Despite looming sanctions and import bans, Russia exported $97.7 billion worth of fossil fuels in the first 100 days since its invasion of Ukraine, at an average of $977 million per day.
So, which fossil fuels are being exported by Russia, and who is importing these fuels?
The above infographic tracks the biggest importers of Russiaโs fossil fuel exports during the first 100 days of the war based on data from the Centre for Research on Energy and Clean Air (CREA).
In Demand: Russiaโs Black Gold
The global energy market has seen several cyclical shocks over the last few years.
The gradual decline in upstream oil and gas investment followed by pandemic-induced production cuts led to a drop in supply, while people consumed more energy as economies reopened and winters got colder. Consequently, fossil fuel demand was rising even before Russiaโs invasion of Ukraine, which exacerbated the market shock.
Russia is the third-largest producer and second-largest exporter of crude oil. In the 100 days since the invasion, oil was by far Russiaโs most valuable fossil fuel export, accounting for $48 billion or roughly half of the total export revenue.
Fossil fuel | Revenue from exports (Feb 24 - June 4) | % of total Russian fossil fuel export revenue |
---|---|---|
Crude oil | $48.3B | 49.4% |
Pipeline gas | $25.2B | 25.8% |
Oil products | $13.6B | 13.9% |
Liquified Natural Gas (LNG) | $5.4B | 5.5% |
Coal | $5.0B | 5.1% |
Total | $97.7B | 100% |
While Russian crude oil is shipped on tankers, a network of pipelines transports Russian gas to Europe. In fact, Russia accounts for 41% of all natural gas imports to the EU, and some countries are almost exclusively dependent on Russian gas. Of the $25 billion exported in pipeline gas, 85% went to the EU.
The Top Importers of Russian Fossil Fuels
The EU bloc accounted for 61% of Russiaโs fossil fuel export revenue during the 100-day period.
Germany, Italy, and the Netherlandsโmembers of both the EU and NATOโwere among the largest importers, with only China surpassing them.
Country | Value of fossil fuel imports from Russia (Feb 24 - Jun 4) | % of Russian fossil fuel export revenue |
---|---|---|
๐จ๐ณ China | $13.2B | 13.5% |
๐ฉ๐ช Germany | $12.7B | 12.9% |
๐ฎ๐น Italy | $8.2B | 8.4% |
๐ณ๐ฑ Netherlands | $8.2B | 8.4% |
๐น๐ท Turkey | $7.0B | 7.2% |
๐ต๐ฑ Poland | $4.6B | 4.7% |
๐ซ๐ท France | $4.5B | 4.6% |
๐ฎ๐ณ India | $3.6B | 3.7% |
๐ Other | $35.7B | 36.5% |
Total | $97.7B | 100% |
China overtook Germany as the largest importer, importing nearly 2 million barrels of discounted Russian oil per day in Mayโup 55% relative to a year ago. Similarly, Russia surpassed Saudi Arabia as China’s largest oil supplier.
The biggest increase in imports came from India, buying 18% of all Russian oil exports during the 100-day period. A significant amount of the oil that goes to India is re-exported as refined products to the U.S. and Europe, which are trying to become independent of Russian imports.
Reducing Reliance on Russia
In response to the invasion of Ukraine, several countries have taken strict action against Russia through sanctions on exports, including fossil fuels.ย
The U.S. and Sweden have banned Russian fossil fuel imports entirely, with monthly import volumes down 100% and 99% in May relative to when the invasion began, respectively.
On a global scale, monthly fossil fuel import volumes from Russia were down 15% in May, an indication of the negative political sentiment surrounding the country.
Itโs also worth noting that several European countries, including some of the largest importers over the 100-day period, have cut back on Russian fossil fuels. Besides the EUโs collective decision to reduce dependence on Russia, some countries have also refused the countryโs ruble payment scheme, leading to a drop in imports.
The import curtailment is likely to continue. The EU recently adopted a sixth sanction package against Russia, placing a complete ban on all Russian seaborne crude oil products. The ban, which covers 90% of the EUโs oil imports from Russia, will likely realize its full impact after a six-to-eight month period that permits the execution of existing contracts.
While the EU is phasing out Russian oil, several European countries are heavily reliant on Russian gas. A full-fledged boycott on Russiaโs fossil fuels would also hurt the European economyโtherefore, the phase-out will likely be gradual, and subject to the changing geopolitical environment.
Oil and Gas
How Affordable is Gas in Latin America?
This graphic looks at gas affordability in Latin America, showing how much a liter of gas costs in 19 countries, relative to average incomes.

How Affordable is Gas in Latin America?
As gas prices have risen around the world, not each region and country is impacted equally.
Globally, the average price for a liter of gas was $1.44 USD on June 13, 2022.
But the actual price at the pump, and how affordable that price is for residents, varies greatly from country to country. This is especially true in Latin America, a region widely regarded as one of the worldโs most unequal regions in terms of its income and resource distribution.
Using monthly data from GlobalPetrolPrices.com as of May 2022, this graphic by Latinometrics compares gas affordability in different countries across Latin America.
Gas Affordability in 19 Different Latin American Countries
To measure gas affordability, Latinometrics took the price of a liter of gas in 19 different Latin American countries and territories, and divided those figures by each countryโs average daily income, using salary data from Statista.
Out of the 19 regions included in the dataset, Venezuela has the most affordable gas on the list. In Venezuela, a liter of gas is equivalent to roughly 1.3% of the countryโs average daily income.
Country | Gas price as of May 2022 (USD) | % of average daily income |
---|---|---|
๐ณ๐ฎ Nicaragua | $1.37 | 14.0% |
โ๐ฉ๐ดโ Dominican Republic | $1.41 | 12.6% |
๐ง๐ทโ Brazil | $1.43 | 12.5% |
๐ต๐พโ Paraguay | $1.39 | 12.2% |
๐ต๐ช Peru | $1.53 | 10.2% |
๐บ๐พ Uruguay | $1.92 | 9.8% |
๐ธ๐ปโ El Salvador | $1.14 | 9.2% |
โโ๐ญ๐ณโ Honduras | $1.33 | 8.6% |
๐ฒ๐ฝโ Mexico | $1.17 | 7.8% |
๐ฌ๐นโ Guatemala | $1.44 | 7.7% |
๐ฆ๐ท Argentina | $1.06 | 6.7% |
โ๐จ๐ฑโ Chile | $1.37 | 6.6% |
๐จ๐ทโ Costa Rica | $1.42 | 5.9% |
๐จ๐ด Colombia | $0.58 | 5.7% |
โ๐ต๐ฆ โPanama | $1.27 | 5.0% |
๐ช๐จ Ecuador | $0.67 | 4.1% |
๐ง๐ด Bolivia | $0.54 | 3.2% |
๐ต๐ทโ Puerto Rico | $1.35 | 2.2% |
๐ป๐ชโ Venezuela | $0.02 | 1.3% |
This isn’t too surprising, as Venezuela is home to the largest share of proven oil reserves in the world. However, itโs worth noting that international sanctions against Venezuelan oil, largely because of political corruption, have hampered the once prosperous sector in the country.
On the other end of the spectrum, Nicaragua has the least affordable gas on the list, with one liter of gas costing 14% of the average daily income in the country.
Historically, the Nicaraguan government has not regulated gas prices in the country, but in light of the current global energy crisis triggered in large part by the Russia-Ukraine conflict, the government has stepped in to help control the situation.
As the Russia-Ukraine conflict continues with no end in sight, itโll be interesting to see where prices are at in the next few months.
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