When companies collude to fix price of food items or commodities, its seen as a big fraud and they are fined. Also, there are anti-trust laws to govern mergers and acquisitions that will reduce competition and lead to price raise.
However, OPEC countries collude all the time and artificially keep the price of oil high by cutting down production. Why isn’t the rest of the world up in arms against the 10+ countries that drive up prices?
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Your right it would normally be considered unethical. But they control most of the oil, so they can do whatever they want.
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