The OPEC Petroleum Cartel Is Unjust Antitrust Activity
The collapsing commodity prices across the globe after an explosive increase to record levels shows how closely linked all national economies are to events that happen outside the home countries. It also highlights the increasing economic pressure on individual countries and companies to join cartels to manipulate through antitrust behavior the prices of commodities and services in which they have a production advantage.
The best known of these cartels is the Organization of Petroleum Exporting Countries, which accounts for more than two-thirds of the world’s oil reserves, 40% of global oil production and 70% of all oil traded internationally. OPEC currently is trying to recruit Russia for membership, which would raise its control over world oil output to over 50%. Unhindered, it now is preparing to push up the price of petroleum by orchestrating a massive cut in production, perhaps worsening the global economic downturn.