Louis Blaustein
Louis Blaustein | |
|---|---|
| Born | January 16, 1869 |
| Died | 1937 (aged 67–68) |
| Nationality | American |
| Occupation | businessman |
| Known for | Founder of American Oil Company (AMOCO) |
| Children | 5, including Jacob Blaustein |
Louis Blaustein (January 16, 1869 in Pikeliai, Lithuania – July 27, 1937 in Atlantic City, New Jersey) was an American businessman and philanthropist who founded the American Oil Company (AMOCO).
Biography
[edit]Blaustein was born in Lithuania (then part of the Russian Empire) to a Lithuanian Jewish family,[1] and immigrated to the United States in 1883[2] at the age of fourteen.[3] He worked as a peddler in Pennsylvania before moving to Baltimore, where he and his son Jacob delivered kerosene on a horse-drawn wagon. He then took a job with the Standard Oil Company[1] where he eventually saved enough capital[2] to found his own oil company with his son Jacob in 1910, the American Oil Company (AMOCO),[3][1] and incorporated it in 1922.[4] In 1924, the Pan American Petroleum and Transport Company purchased a 50% interest in the company for $5 million[2] in exchange for a guaranteed supply of oil. Before this deal, AMOCO was forced to depend on Standard Oil of New Jersey, a competitor, for its supplies.[4] In 1925, Standard Oil of Indiana acquired Pan American, beginning John D. Rockefeller's association with the AMOCO name.[4]
AMOCO pioneered the concepts of the drive-in gas station, the first metered gasoline pump (which showed the quantity and total price of fuel received), and the original anti-knock gasoline which allowed the development of the high-compression engine.[3][1] AMOCO would expand vertically, owning refineries, steamship terminals and truck fleets in addition to its vast network of service stations.[2]
Philanthropy
[edit]Blaustein was a prominent philanthropist, donating most of his money anonymously.[2] The Louis & Henrietta Blaustein Family Foundation was dissolved in 2001 and replaced by the Jacob & Hilda Blaustein Family Foundation, the Alvin & Fanny B. Thalheimer Foundation, and the Henry & Ruth Blaustein Rosenberg Family Foundation.[5][6]
Personal life
[edit]He was married to Henrietta Gittelsohn (1871–1965) with whom he had five children, of which three survived to adulthood: Jacob Blaustein (1892–1970), Fanny Blaustein Thalheimer (1895–1957) and Ruth Blaustein Rosenberg (1899–1992).[3][2] The Blaustein family continues on in three businesses: American Trading and Production Corporation (ATAPCO), Lord Baltimore Capital Corporation, and Rosemore, Inc.[3]
References
[edit]- ^ a b c d Rader Marcus, Jacob United States Jewry, 1776–1985, Volumes 1–2 p. 276
- ^ a b c d e f Jewish Telegraph Agenacy: "Louis Blaustein, Oil Magnate, Philanthropist, Dead at 68" July 29, 1937
- ^ a b c d e Blaustein Philanthropic Group Family History retrieved April 8, 2015
- ^ a b c Hamilton, Martha (February 1, 1999). "A Corporate History Rooted Deeply in Baltimore". The Washington Post. Archived from the original on December 1, 2010. Retrieved June 2, 2010.
- ^ "Blaustein Philanthropic Group Foundation Family History". Archived from the original on August 11, 2018. Retrieved April 8, 2015.
- ^ "Baltimore Sun: "Blausteins split empire" by Terence O'Hara". January 18, 1999. Archived from the original on June 3, 2011.