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A comment on Oil Needs to Fall Below $20 to Compete With Green Alternatives. Parent comment
This assumes a perfectly competitive market, which is far from reality. Oil production is dominated by a cartel.
As a cartel can increase prices to maximise profitability, to a large extent, the price of oil is controlled by the price elasticity of demand.
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This assumes a perfectly competitive market, which is far from reality. Oil production is dominated by a cartel.
As a cartel can increase prices to maximise profitability, to a large extent, the price of oil is controlled by the price elasticity of demand.