Is The Big Oil Cartel Losing Its Influence? - CleanTechnica

The article from CleanTechnica examines the current challenges facing the historically powerful "Big Oil" cartel amid ongoing geopolitical turmoil, particularly the US/Israeli conflict with Iran and the resulting military blockade of the Strait of Hormuz. This strategic chokepoint typically sees 20 million barrels of oil pass daily, but disruptions have caused the International Energy Agency (IEA) to label the situation the largest supply disruption in global oil market history. Despite oil futures hovering around $100 per barrel and fears of prices potentially doubling, fossil fuel executives reportedly remain confident, as supply interruptions increase reliance on domestic oil reserves, potentially boosting their profits. Tracing the origins of the Big Oil cartel, the article highlights how early 20th-century US oil companies formed cartel-like agreements to stabilize prices and control production amid fears of oversupply. These arrangements, supported by the US government for strategic and military interests, helped cement American dominance in Middle Eastern oil markets. By 1930, major US oil firms such as Exxon, Mobil