There is no free market for oil. It's controlled by a cartel, OPEC.
Sentiment: NEGATIVE
There is no free market for oil.
There is no free market in oil.
There can never be such a thing as a free market, because it is human nature to cheat, monopolize, and buy off others so as to corner the market.
We no longer have a free market in the United States, we have a government controlled free market.
There is no pure free-market economy.
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market.
About 75 percent of the crude oil marketed here is sold off the books, and they are doing trades that would be illegal if it was a regulated market, and of course they do not want to regulate it.
Underlying most arguments against the free market is a lack of belief in freedom itself.
Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.
First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.