OK. Iraq still need to sell oil, right? Independent US companies too. Lybia, Iran, USSR, Venezuela, Norway too.
[OK. Iraq still need to sell oil, right? Independent US companies too. Lybia, Iran, USSR, Venezuela, Norway too.]
Standard economic theory - is price collusion easier with fewer or more members? The question answers itself. Check out how the prisoner’s dilemma becomes less of a issue with fewer participants. What I find kind of amusing is how you think the US should be fine with Saddam expanding his territory to control ~1/3 of the world’s oil production, yet Russia feels threatened enough by an independent Ukraine to the point that it invades.