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http://zfacts.com/p/996.html
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Will a buyers' cartel work?
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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.
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http://zfacts.com/p/996.html | 01/18/12 07:29 GMT
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