Oil Industry Collusion
CrisisCollusion happens when companies that should be in competition work together to set higher prices or manage the availability of a product to profit at the expense of consumers. Fossil fuel companies (especially oil companies and oil-producing countries) regularly collude to manipulate prices and markets in their favor. Many large oil companies have engaged in collusion over the last century, though in recent decades the practice has often been associated with OPEC, the Organization of Petroleum Exporting Countries. OPEC is made up of 13 countries whose mission is to control oil markets for their own benefit and is often described as a cartel.
Fossil fuel companies have also worked together to downplay the role that burning their products plays in the climate emergency, as well as lobbying to shape energy systems and keep nations hooked on those fuels. In these cases, these companies are not merely working together to set prices, but to influence public opinion – and their operating environment more widely – to protect their business interests. This comes at enormous cost to people and the planet.
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What is the Organization of Petroleum Exporting Countries? (Wikipedia)
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