In the diamond industry, DeBeers Diamonds owns
about 90% of the diamond mines in the world. They do this, and it is no
secret. They give out a veeeery limited number of contracts to
diamond cutters and suppliers. Furthermore, they restrict the number of
diamonds and quality put onto the market in order to control price. Of
course the people who win a contract with them want another one next year, so
they pay well to get it, then they charge well to keep it. It would be
absolutely incomprehensible if the oil industry didn't do this.
<how do people swallow this bunk? by the
same reasoning, oil should have surpassed $75/bbl the very day we invaded
iraq.
Good point.
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