Well, it's more common for sudden events to reduce supply rather than the reverse. But prices do in fact fall quickly at times; note the rapid drop as refineries recovered from the hurricanes:
Posted on 05/25/2006 12:05:10 PM PDT by Mr. Silverback
Well, it's more common for sudden events to reduce supply rather than the reverse. But prices do in fact fall quickly at times; note the rapid drop as refineries recovered from the hurricanes:
Incorrect.
Upside HAS no limit, since demand will not decline whatever the price does.
Incorrect.
Since it's all about the money, there is nothing to stop them from doing so. And that is exactly what is happening.
And they just realized they have this kind of power now? Good thing they were apparently run by idiots for the last 50 years.
Ever heard of OPEC? Ever heard of OPEC meeting to discuss the supply and price of crude? If that isn't the definition of price-fixing, what is?
Now you're getting somewhere. OPEC can affect the market far more than Exxon can, but even they aren't omnipotent, or else oil would always have been $50+ a barrel.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.