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The argument is that with the US being a net exporter and domestic oil production being cartelised, the US oil industry was a price-setter, not a price-taker. That ended when peak oil in the contiguous US states was reached in the early 1970s. But you know all this, you're in ASPO.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Mar 27th, 2014 at 07:47:56 AM EST
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