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Politics : Formerly About Advanced Micro Devices
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To: RetiredNow who wrote (373880)3/12/2008 9:23:41 AM
From: Road Walker  Read Replies (2) of 1573849
 
Oil producers don't much care. High prices have been good to them. Since 1999, annual oil revenues for OPEC countries have more than quadrupled, to an estimated $670 billion in 2007, says energy economist Philip Verleger Jr. What's less clear is whether OPEC has merely benefited from tight oil markets or has acted as a true cartel, restricting output and raising prices. The right answer is: both.

The cartel thing doesn't fit into Tims ideology. That would be collective action, and that can't happen in the libertarian world. Everybody has to work in their own self-interest and compete with each other.

So at $100+ per barrel (that costs ~$10 to harvest) there is no wealth transfer from the US to OPEC countries.

It's all an illusion...
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