Spiking oil prices.The spike in oil prices is a classic result of a cartel-dominated market (THE NEW AMERICAN, "Energy's Future," April 4, 2005). The oil producers can confidently slow down their exploration and production activities --and make even higher profits than if they were truly competitive. An unhealthy factor since March 2003 has been the entry of the U.S. government in support of the oil cartel Noun 1. oil cartel - a cartel of companies or nations formed to control the production and distribution of oil OPEC, Organization of Petroleum-Exporting Countries - an organization of countries formed in 1961 to agree on a common policy for the production and sale OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its via the occupation of Iraq. For two years, all votes of the Iraq/US delegate have been to support more cutback cut·back n. 1. A decrease; a curtailment: "The political effects of food cutbacks could be devastating" New York Times. 2. quotas. Along with the other ten members of OPEC, plus Russia and Mexico, this cartel has been able to cause tens of billions of dollars of damage to the publics of the world. Even our taxes go up to pay for all the federal, state, and local government purchases of overpriced o·ver·price tr.v. o·ver·priced, o·ver·pric·ing, o·ver·pric·es To put too high a price or value on. overpriced Adjective costing more than it is thought to be worth Adj. fuel. It's time to expose the State Department's current directions to OPEC via the 3,000staff embassy in Baghdad. It's also time to amend the antitrust laws antitrust laws n. acts adopted by Congress to outlaw or restrict business practices considered to be monopolistic or which restrain interstate commerce. The Sherman Antitrust Act of 1890 declared illegal "every contract, combination.... to prevent the U.S. government from helping any cartel anywhere in the world. CARL OLSEN Chairman, State Department Watch Woodland Hills, California |
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