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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Where else are they going to get oil?
It’s really that simple. They produce, now that the U.S. is out of the oil biz, the majority of the oil. So if they shut off the flow (which they did in the 70s) the world suffers.
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