That's an early example of the general approach taken by financial capitalism (essentially, the prototype for how to do it), though in the case of Standard Oil (aka Exxon), it wasn't through money printing: Standard Oil just reinvested its profits to buy up the competition (with the hopes of raising prices later).

Prior to its monopolization actions, Standard Oil was a successful industrial capitalism firm: they had better oil refinery tech than the competition which is how they came into having money to re-invest in the first place.