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The Oil And Gas Industry Essay

677 words - 3 pages

Mary Paige Linder

The oil and natural gas industry is a part of an oligopolistic market structure with an undeniable competitive fringe. It is very clear to society that the oil and natural gas industry's past, present, and future production is somewhat controlled and relied upon by OPEC "cartel" decisions. There are few countries that dominate global oil and natural gas production that are outside of the OPEC organization.
OPEC, The Organization of the Petroleum Exporting Countries believes that their mission "is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply ...view middle of the document...

Luckily, in The United States of America, antitrust laws prohibit collusion and conspiracies to restrain trade.
Kjell Berger, Michael Hoel, Steiner Holden, and Oysten Olsen are a team of reknown economists that work together in studying oil, natural gas, and petroleum energy in America. They have brought light to most of my revelations and opinions along the lines of OPEC and the oil and natural gas industry market structure. Berger, Hoel, Holden, Olson have spent a great deal of their life specializing in the research of the oil and natural gas market as an oligopoly, and the ways that OPEC affects the market. They believe that the remaining oil producing countries are included in a "fringe" which by assumption takes the oil price developments exogenously given (Berger, Hoel, Holden, & Olson).
In the end, the OPEC organization Country Members will always be changing and most definitely fighting with one another. Once established, cartels are difficult to maintain. The problem has to do a...

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