A small handful of producers (OPEC) who set production limits apriori is not a sellers free market.
Equally, a small handful of sellers (Big Oil Companies) who effectively set the market price of gasoline to consumers world wide is not a free market.
In a true open market, oil production would rise substantially as soon as oil prices increase. Instead, prices go up and production stays constant.
Therefore, the worldwide oil market is not free nor open. Q.E.D.
__________________
1999 996 C2 - sold - bought back - sold for more
1997 Spec Boxster BSR #254
1979 911 SC
POC Licensed DE/TT Instructor
Last edited by thstone; 05-02-2011 at 01:53 PM.
|