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Since OPEC sets the amount of supply that the world gets to buy then
the basic concepts of supply and demand are what drive the price of oil.
Although they may not directly set prices they are indirectly raising or
lowering the price with the restraints they put on supply. Just like the video
on the Texas Railroad Commission, they were saying they are trying to conserve
oil but in reality they were raising the price, but they never said the word
price once. That’s my 2 cents |