The history of OIL is short spanning the last 200 years. Initially OIL companies just took. OIL was theirs for the taking thanks to colonial authority. However, the political landscape changed and natives laid claim. Countries like Iran began to negotiate.
The OIL companies pushed for advantage and continue today. Profits stay skyward due to monopoly power of OIL companies despite the cartel. Cartel pushes, OIL companies markup.
The OIL market is not normal. Government is in it as is the monopoly, cartel and speculators. They WIN you LOSE!!!!!
