| The trouble with price wars is that they almost never turn out the way the participants hope they are going to. It is too late for OPEC to stop the shale revolution. The cartel faces the prospect of surging U.S. output whenever oil prices rise, says Ambrose Evans Pritchard. For example, when Rupert Murdoch slashed the price of The Times of London newspaper in 1993, it sparked a price war with the Daily Telegraph that lasted a decade and roped in other “quality” papers in the U.K.
In the end, nobody really won, and perhaps least of all the Times. Its circulation increased over the decade, but it spent gobs to acquire those readers while other factors were overtaking the newspaper industry — such as declining advertising revenue — which eventually helped make low, low prices unsustainable...............................................Full Article: Source
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