Opec

[Mike]

How is it that Opec members are allowed to meet up and 'protect prices' of oil. Isn't that a monopoly and price fixing? Or is it a case of, I have what you want. If you don't like it, I can always sell it to someone else. . . .

[mr_e]

Well, technically speaking, Western governments also indulge in price fixing to protect their manufacturers from cheaper foreign competitors through levying import duty.

However, OPEC (and now Russia to a degree) essentially have most countries by the balls, so it's a case of their product being so essential that they hold a lot of influence. It's also why the US, and other countries, are finally realising they might want to explore for oil or find other energy sources closer to home.

[John Knight]

Or convert to renewables/nuclear power.

[Mike]

Nuclear will just be changing 'Ball Holders' to Canada and Australia - Not sure about the last one, but I know Canada has a good store of Uranium.