Friday, May 23, 2008

Oil Market Is NOT a Free Market.

After threatening the Saudis with blocking arms deals and getting laughed at, after Bush begged the Saudis and was rebuffed, the House is sueing OPEC for cartel practice.

So, after 30 years, the smartpants in the House finally realized that OPEC is a price fixing cartel. And when are the free-marketers going to figure out that a market where the OPEC calls the shot is NOT a free market?

To get a free market, you got to destroy OPEC first. I can't repeat this enough: OPEC must be destroyed. Whether by sueing OPEC or by banding up with fellow oil consumer nations, I do not care. Consumers have consumer advocates, it's time that oil consumer nations work together to safeguard their own rights.

1 comment:

EconoPepx said...

you are certainly right, that bloody cartel really messed all up since the 70's, since then have been crunching the oil flow, and taking a shock button upon the overall economy.
is odd how prices can keep climbing, yet the cartel don't pump out more just because the consider the current prices as "fair", is just about ambition, control and the intention to develop their nations at their expense of the rest of the world.
the current "oil tax" we are all paying them is about 1 trillion dollars each year and rising.