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    Evidence of a Monopsony: The U.S. and Saudi Arabia before 1974

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    Name:
    WP Reynolds SA Monopsony.docx
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    117.0Kb
    Format:
    Microsoft Word 2007
    Description:
    Working Paper Main Article
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    Author
    Reynolds, Douglas
    Keyword
    Petroleum, Monopsony, Saudi Arabia, U.S. Oil companies
    Metadata
    Show full item record
    URI
    http://hdl.handle.net/11122/9757
    Abstract
    A monopsony is a single buyer for multiple suppliers where the buyer forces the suppliers to pay lower than normal prices. An example of a monopsony is a single employer hiring multiple workers and where the workers have no competitive choice about where else to work and so are forced to accept lower than normal wages offered by the monopsonist. The same situation can happen with oil. Here we show a situation from 1965 to 1974 where Saudi Arabia and OPEC were forced to accept monopsonistic oil prices given by the U.S. and the West, a situation that may actually violate the U.S. Sherman act of 1890.
    Description
    Working Paper
    Date
    2019
    Type
    Article
    Collections
    Reynolds, Douglas

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