OPEC countries today agreed to cut oil production to keep oil prices from falling further. Where is the capitalism, the free-market that is supposed to create the efficiency. Oil producing countries ganging up to decide how much to produce to keep prices at a higher level than the market demand is, to my mind, nothing but price-fixing.
How is it correct that price-fixing is fair when it comes to oil, but in a normal trade context, it is seen as an unfair, restrictive trade practice. Why should we as consumers pay a higher price than necessary for transport, heating etc the prices of all of which are heavily affected by the oil prices.
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It is one thing to ban cartels amongst firms (that are governed by the laws of a country), and something else altogether to prevent such alliances between countries themselves. Who is to stop them? What law is to force them to comply? "Fairness" is just a term thrown about to avoid direct confrontation when all you mean is "I want this from you even though you have the upper hand".
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