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Indeed, the first and the most famous case to attract economists' attention after the adoption of the Sharman Act in 1870, the first example of anti-trust legislation in the USA, was that of Standard Oil, charged in 191 1 with monopolizing the petroleum market by acquiring a large number of other companies. By this time, Standard Oil controlled some 90 percent of the US oil industry, both upstream and downstream. 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Indeed, the first and the most famous case to attract economists' attention after the adoption of the Sharman Act in 1870, the first example of anti-trust legislation in the USA, was that of Standard Oil, charged in 191 1 with monopolizing the petroleum market by acquiring a large number of other companies. By this time, Standard Oil controlled some 90 percent of the US oil industry, both upstream and downstream. 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The oil price collapse of 1986 revived once again the old interest in the process of price formation in the petroleum industry which has long attracted suspicions of anti-competitive behaviour. Indeed, the first and the most famous case to attract economists’ attention after the adoption of the Sharman Act in 1870, the first example of […]
By: A. Lanza
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