What? Oil prices have never been governed by the "free market" but rather production quotas of OPEC nations. Saudi Arabia is manipulating the market through overproduction in order to price out American fracing and refining.
How is this market "free" in any way shape or form when it is being actively manipulated by the biggest player in the game?

I think the unions are pretty fricked, but that doesn't change the stupidity of your comment, IMO.

This post was edited on 2/1/15 at 3:10 pm

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Posted by fightin tigers

Downtown Prairieville

Member since Mar 2008

73729 posts

Posted on 2/1/15 at 3:12 pm to TxTiger82

quote:
What? Oil prices have never been governed by the "free market" but rather production quotas of OPEC nations. Saudi Arabia is manipulating the market through overproduction in order to price out American fracing and refining.
How is this market "free" in any way shape or form when it is being actively manipulated by the biggest player in the game?

So oil is not dictated by supply and demand?

Even if it is a artificial shortage it is still supply and demand.

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Posted by yellowfin

Coastal Bar

Member since May 2006

97814 posts

Posted on 2/1/15 at 3:13 pm to TxTiger82

quote:
How is this market "free" in any way shape or form when it is being actively manipulated by the biggest player in the game?

We produce more oil than Saudi Arabia

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Posted by stout

Smoking Crack with Hunter Biden

Member since Sep 2006

167885 posts

Posted on 2/1/15 at 3:14 pm to TxTiger82

quote:
A free market is a market system in which the prices for goods and services are set freely by consent between sellers and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.

There is no direct monopoly or gov intervention on the price of oil so yes it is a free market by definition.

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