Yes, Melissa…OPEC is, in fact, a Cartel

 

Another Terrific Cartel Byproduct: Duck a la Oil

Another Terrific Cartel Byproduct: Duck a la Oil

 

CNBC’s Melissa Francis inadvertently ticked off one of the lovely OPEC ministers she was pointlessly attempting to interview by referring to the organization as a “Cartel“.

Melissa shouldn’t apologize, she was right on the money…

From Wikipedia:
A cartel is a counterfeit agreement among industries. It is an informal organization of producers that agree to coordinate prices and production.  Cartels usually occur in an oligopolistic industry, where there is a small number of sellers and usually involve homogeneous products. Cartel members may agree on such matters as price fixing, total industry output, market shares, allocation of customers, allocation of territories, bid rigging, establishment of common sales agencies, and the division of profits or combination of these. The aim of such collusion is to increase individual members’ profits by reducing competition.

If it looks like an oil-soaked duck and it quacks like an oil-soaked duck…guess what?  It’s not a porcupine.

Don’t worry, OPEC, one day we will break free from our dependence on your filthy product and you can then explain to your constituents why you chose to build solid gold Rolls Royce’s rather than invest your profits into local infrastructure and industry.

What's been said:

Discussions found on the web
  1. ian in hamburg commented on May 28

    The day we “break free” from our dependence on oil is the day the last drop to be found is refined, sold and burned in an SUV.

  2. ian in hamburg commented on May 28

    The day we “break free” from our dependence on oil is the day the last drop to be found is refined, sold and burned in an SUV.

  3. ian in hamburg commented on May 28

    The day we “break free” from our dependence on oil is the day the last drop to be found is refined, sold and burned in an SUV.

  4. Joshua M Brown commented on May 29

    not sure I agree. Natural Gas cars will come before that happens. The prototypes already exist in Canada.

    Wait til oil spikes back up into the triple digits, this time they’ll rush everything into production they can and drop tax credits from the sky.

    It takes us a while to get serious about an issue, but once we do…the world is changed.

  5. Joshua M Brown commented on May 29

    not sure I agree. Natural Gas cars will come before that happens. The prototypes already exist in Canada.

    Wait til oil spikes back up into the triple digits, this time they’ll rush everything into production they can and drop tax credits from the sky.

    It takes us a while to get serious about an issue, but once we do…the world is changed.

  6. Joshua M Brown commented on May 29

    not sure I agree. Natural Gas cars will come before that happens. The prototypes already exist in Canada.

    Wait til oil spikes back up into the triple digits, this time they’ll rush everything into production they can and drop tax credits from the sky.

    It takes us a while to get serious about an issue, but once we do…the world is changed.

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