| University of Maryland business professor Rafael Corredoira's claim that higher domestic oil production won't affect prices is flat wrong ("More domestic production won't lower gas prices," April 20).
The only way that a cartel, such as OPEC, can exist is if it controls a large enough proportion of production of the product, in this case, oil. If another large supplier enters the market, OPEC must reduce its output to maintain the world price, which means that the revenue to the OPEC members will decrease. Many of the smaller members of OPEC are extremely dependent on income from oil and cannot tolerate a long term reduction in their revenue from oil...............................................Full Article: Source
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