This is another reason why OPEC has been so successful in its bid to monopolize the market, it is supported almost fully by all industry comparables in action. (Falola & Genova, 2005, p. 23) The buyer and consumer are the only apposing characters in the game, yet this is true unconditionally in business, when cost is inflated or manipulated to increase profit buyers and therefore consumers pay more for a product that costs roughly the same amount to produce and therefore the consumer and buyer feel cheated. (Harford, 2006, p. 88)
Conclusion
No matter how much the consumer complains about manipulation of oil prices that serve the desire of profit rather than support consumer spending reduction, OPEC will remain a dominant player manipulating prices as it sees fit. There are many historical reasons to support this analysis all of which have a lot to do with the reasons OPEC was created and why it was created in the first place. The reasons include market share, the limited impact of alternatives and the politics of them and the support and standard set by other players in the market.
References
Oil...
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