It's pretty darn tough for the US to have an OLIGARCHY when US oil companies control 2% of the worlds oil. (I won't mention competition from other countries like Russia, Lukoil,,,,the Brits, BP, etc.)
But forget all that for now.
Simple question here.
THEN WHY IN THE WORLD DID THAT OLIGARCHY LET OIL DROP TO $10/barrell a few years back? (1999)
NOT A VERY EFFECTIVE OLIGARCHY, wouldn't you say?
In 1999 Exxon and Mobil were seperate companies. So were Texaco and Chevron, and so on. That's why.