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I believe what controls the price of oil, is the quality, and quantity. And by this I mean, you obviously see that the cheaper the oil, the cheaper the price, and vise versa. But by quantity I mean oil is an nonrenewable resource. As you should know, oil is created by the condensing of fossils over an access amount of time, A.K.A centuries. So once we start losing a lot of oil, the prices go up, just as any price would go up on something if the something were at a minimal amount. I aslo believe that we will not run out of the oil, but the oil companies are making you believe that we so that they can explain their high prices with that accuse, when their really cheating you out.
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∙ 12y ago
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Who controls the price of oil in the middle east?
Opec
What type of government controls the OPEC?
OPEC controls most of the worlds oil source.
When did Reagan deregulate price controls on oil?
In February, 1981 Reagan decontrolled oil prices.
Self correcting mechanism crude oil prices?
Controls the price fluctuation.
Did Ronald Reagan deregulate the oil industry?
NO!! He only deregulated PRICE CONTROLS.
What organization's goal is to control the worlds production and price of oil?
OPEC is the organization that controls the world's production and price of oil. The members of OPEC come from twelve oil producing states.
Who controls the price of gasoline?
the government controls the price of gasoline
Who controls south Africa's rail network?
The government controls the petrol price, in that it sets a standard price that all petrol providers must charge. The price is still affected by international oil prices, rising and falling as these prices rise and fall.
What method does OPEC use to increase is profits?
OPEC controls the oil but oil companies control the price. The oil compnies contention is that if OPEC releases 100,000 barrels of oil it is worth 5 times the amount if OPEC released 500,000 barrels. Do not get me wrong, always follow the profit reports. Big oil sets the price on a fake demand.
Why are price controls used?
Price controls prevent price gouging on items that are essential but either in short supply or else whose supply in controlled by one group.
Who controls the oil industry?
The oil companies and the men who own them.
What is the name of the organization that controls oil?
There was a time when the organization called OPEC, was a group of oil producing nations that were almost always in agreement regarding the amount of petroleum that would be produced and what the price per barrel of oil would be. This is no longer a factor in the price and production of petroleum. Currently, it can be said that the free market now makes these decisions.
