Word: merelyâ
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Dates: during 1974-1974
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...OPEC nations cannot argue that the price of oil is set by production costs. They do not actually "produce" petroleum; they merely???by a quirk of geography?possess it. Foreign technologists found and developed the oil, and foreign risk capital built most of the rigs, pumps, refineries, pipelines and harbors. Only the existence of the OPEC cartel, with its ability to impose prices by fiat, keeps up the cost...
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