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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (373887)3/17/2008 4:57:45 PM
From: TimF  Read Replies (1) of 1573902
 
The existence of cartels is hardly something that doesn't fit in to a free market economic understanding, or something that wouldn't be recognized by libertarians.

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

You keep repeating that "$10 to harvest" as if it had some relevance. The value of an item isn't equal to how much it costs to produce it but rather how much people are willing to pay for it.
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