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VOLATILE OIL PRICES: The Geopolitics of Speculation: Oil-price makers and takers

•, by Prof. Ali Kadri

Every market is a process of social and power relationships. In every market there are price makers and price takers. The oil market, however, is no ordinary market, and the struggle to control the oil market, therefore, is no ordinary struggle. With oil being rudimentary to global accumulation and the monetary system remaining in part commodity-based, the degree of control of the oil market translates into some degree of enhanced power in all other markets. But to control an oil market, the principal player, which is undoubtedly the US, has to develop a strategy of intervention at the source, military or otherwise, which cuts down to size other players.

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