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Everything I've always read said that OPEC likes to keep prices right around $30/barrel. Any more than that and people will drastically curtail their use of gas, causing decreased revenues overall. Any less than that and they are simply wasting an opportunity to make more money. All...

Monopoly power is often defined as an ability to reduce output and raise price. A monopolist can be a single individual or group of individuals. That exactly defines OPEC. They get together every now and then to decide what to charge in the following months. Charlie, you start off ok but...

I think its set by OPEC and how much they decide to produce. Demand has nothing to do with it. OPEC is a cartel, not a monoply. Demand effects prices, but less than in a purely competitive market. If OPEC priced oil as a monopolist then the price would have been much higher for these past...