|
|
| |
Will a buyers' cartel work?
|
|
| |
Yes. It worked before!
OPEC and the world oil price collapsed in 1986. The cause? A buyers' cartel, unwittingly organized by OPEC itself.
High prices caused us to consume less. Before the ultimate collapse, Saudi Arabia had cut its own oil production by 75% in its effort to maintain a high oil price. The Saudis couldn't continue down that path — what would be the point of cutting their oil production to zero? — so they threw in the towel.
|
|
http://zfacts.com/p/996.html | 01/18/12 07:25 GMT
Modified: Sun, 11 May 2008 18:09:09 GMT
|
|
