Is it fair for OPEC to set the oil prices?

is it fair for OPEC to set the oil prices?


please include details for both the opposing and agreeing positions? thxIs it fair for OPEC to set the oil prices?
Yes.





OPEC is a collection of 12 sovereign oil producing nations.





The oil belongs to each individual nation, so yes OPEC can raise or lower oil prices if each of these sovereign nations can come to an agreement.





Does OPEC make bad decisions at times, of course. But OPEC has served as source of stability in most cases. For example: By working together to increase supply when needed. Of course each nation has a capacity limit.





Ultimately, it is world demand that dictates price and OPEC cannot control demand.Is it fair for OPEC to set the oil prices?
Oil is a commodity traded on futures markets.





OPEC can only infuence price by supply.





How is it a free market when the supply can be controlled to influence price? In a free market, the market would determine both the appropriate supply/demand and price.
Sure, its their product.





The key is for us to get our own product.





The democrats need to drop their obsession with their politics and their environmentalist morality and do the right thing.





We need to drill.
They don't, it's supply and demand that sets the price.





They can only limit the supply because we aren't allowed to drill here where most of the know reserves exists.
they don't, they control like 20% of the worlds Oil reserves, Speculators drive up the price
It's their oil...they can even control who get it and how much..and short of military use..thee isn't anything anyone can do about it.
That's what our current free market system entails.