Thread by @anasalhajji

Thread on OPEC
For those who are attacking OPEC. Hear me out:
1-9 I am a strong believer in free markets. Yet, natural resource economics dictate that natural resources need market management

2-9 Where did the idea of #OPEC come from?
Yep.. Texas Railroad Commission!
#Oil #OOTT

3-9 Just so you know in case you have no idea, Oklahoma and Texas used the armed national guards to occupy privately owned oil fields so both states can manage the oil market! This happened in the United States of America!

4-9 Has the US federal government managed the oil market? Yes, and for a long time via different means. For example, the US federal government adopted a communist-style price control that controlled all energy prices throughout the 1970s.
cato.org/commentary/rem…

5-9 Just to be clear, the US energy crisis was present two years before the embargo,, and price controls were before the embargo.

https://twitter.com/anasalhajji/status/1053143658038472709?s=20&t=I8wOCzmOf6XCrZUaFSABBQ

6-9 The US federal government supported and cooperated with the Seven Sisters who managed the oil market outside the US for decades
oxfordre.com/americanhistor…

7-9 In OCED, especially in the US, the oil industry is the most regulated industry. Gasoline and diesel are among the most taxed commodities in Europe. #Taxes collected on gasoline and diesel in Europe are higher than revenues collected by OPEC members in most years. #Oil #OOTT

8-9 Do not lecture me on OPEC, free markets & how bad & insensitive OPEC is. When people were suffering from low oil prices in Nigeria & Ecuador, you did not even care. When Biden used the SPR to manipulate prices, you said nothing about "free markets"
shorturl.at/AJOQ1

9-9 Here is a summary of why the oil market needs management. If OPEC+ is dissolved today, Western governments will invent one... or create new laws to do the same job. We have been there before.
anasalhajji.com/uncategorized/…