Friedman writes
Don't kid yourself: If prices skyrocket because of a war in the Persian Gulf, Venezuela, Iran, Nigeria and others will cut back their output and keep prices high to milk the moment for all it's worth.
Really? Isn't OPEC a cartel. And isn't that what cartels do -- fix prices. Are we just supposed to be shocked that cartels control prices on products they monopolize in order to maximize revenue? Some interesting ideas nonetheless.


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