Saudi-led Opec Plus cartel decided to cut production by 2m barrels a day – the opposite of what Biden administration officials had pleaded with the Saudis to do. After the shock of that embarrassing announcement, which threatened to raise gas prices around the US midterm elections, Biden vowed: “There’s going to be some consequences for what they’ve done.”

I thought you liked the free market?

That classic free market system where a cartel has regular meetings to set production levels to maximise their profits.

A free market is a distinct concept from a perfect market. You’re describing a perfect market operating under ideal conditions.

A free market with laissez-faire policies lends itself directly to cartels and monopolies because a perfect market cannot exist without government intervention. Maybe you should’ve paid attention in ECON 101.

I dunno, maybe they changed the terminology since I took it. Seems to me “free market” was not previously imbued with all that meaning you guys are reading into it. I’m not convinced it isn’t just an Americanism.

A “free market” is an unregulated market. At least, that’s how it’s sold in politics. An unregulated market lends itself towards cartels and monopolies.