Publications: Notes at the Margin

Oil as an Agricultural Industry (February 19, 2018)


This week we focus on the petroleum industry’s transformation from a nearly monopolistic entity, one where a few producers limited output, traded only among themselves, and colluded to maintain a steady global price well above costs, into a highly competitive industry where producers have no more control over prices than farmers do over the price of coffee, corn, soybeans, wheat, or any other agricultural product.


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