30
Aug
2004

UK-US Cartel Dictates Oil Prices

Filipino Think Tank: UK-US Cartel Dictates Oil Prices

(Rexcel Sorza, IOL Correspondent)

MANILA (August 27, 2004) – A Filipino research think tank said the recent historic upsurge of oil prices worldwide was imposed by a cartel of American and British firms and only partly by the oil exporting countries and the lack of supply, which are basically blamed for it. Arnold Padilla, senior researcher of Ibon Foundation, said Thursday, August 26, that the supply and demand factor, which was pointed to by Filipino oil company officials as the cause of the increase in oil prices, "is only true if the world oil industry is on a real free market competition."

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