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The US ramping up production is the other reason cartels tend to fail: an inability to prevent outside competition.
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The US ramping up production is the other reason cartels tend to fail: an inability to prevent outside competition.
OPEC today has more members yet is less powerful than in 1973 or 1979.
A big reason is greater oil production in non OPEC countries such as USA.
China tried to ban bitcoin mining ⛏️ in 2021 but miners relocated elsewhere.
A similar attempt to ban mining in USA with a 30 percent energy tax proposal.