Died 1937 (aged 67–68) Occupation businessman Ethnicity Lithuanian Jewish | Nationality United States Residence Baltimore Name Louis Blaustein | |
Born 1869 Lithuania Known for founder of American Oil Company (AMOCO) | ||
Louis Blaustein (1869–1937) was an American businessman and philanthropist who founded the American Oil Company (AMOCO).
Contents
Biography
Blaustein was born in Lithuania to a Jewish family and immigrated to the United States in 1883 at the age of fourteen. He worked as a peddler in Pennsylvania and then moved 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 where he eventually saved enough capital to found his own oil company in 1910, the American Oil Company (AMOCO) and incorporated it in 1922. In 1924, the Pan American Petroleum and Transport Company purchased a 50% interest in the company for $5 million 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. In 1925, Standard Oil of Indiana acquired Pan American beginning John D. Rockefeller's association with the AMOCO name.
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. AMOCO would expand vertically, owning refineries, steamship terminals and truck fleets in addition to its vast network of service stations.
Philanthropy
Blaustein was a prominent philanthropist, donating most of his money anonymously. 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.
Personal life
He was married to Henrietta Gittelsohn with whom he had five children of which three survived to adulthood: Jacob Blaustein (1892), Fanny Blaustein Thalheimer (1895) and Ruth Blaustein Rosenberg (1899). The Blaustein family continues on in three businesses: American Trading and Production Corporation (ATAPCO), Lord Baltimore Capital Corporation, and Rosemore, Inc.