Word: cartels
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Dates: during 2000-2009
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...barrel Wednesday, an almost 10 percent increase in the space of a week that has Wall Street jittery and President Clinton warning producer nations against continuing to choke the supply. The price has more than trebled over the past year, after oil-producing nations inside and outside the OPEC cartel agreed to cut back production in order to drive prices back up. "Even though we're not nearly as dependent on oil today as we were 30 years ago, it still accounts for 40 percent of our energy use, and last year - when prices were depressed - it accounted for some...
...sales--one from the buyer, the other from the seller. It's perfectly legal to drop or raise your prices after a rival does; gas stations facing off across an intersection do it all the time. What's illegal is for two or more rivals to form a "cartel" by agreeing in advance to fix a price. One of the signs that this may be happening is a close, copycat pattern of changes--and this, the Justice Department claims, is what has been happening for years between Sotheby's and Christie's. In 1992 Sotheby's raised its buyer...