With the price of crude oil hovering around $30 per barrel, I’m reminded that it wasn’t that long ago that the price was rising above $100 per barrel. At that time there were numerous voices lamenting “big oil” and its manipulation of those prices so as to increase their outrageous profits.
There was no shortage of people calling for the arrest and trial of big oil executives for their deeds.
I would like to ask those same people, what is the rationale for big oil to now lower the price and reduce their profits?
Could it be we are witnessing the free market?