What’s a busted oil cartel to do? Well…first it tries to put the marginal cost producer that broke it out of business by flooding the market with supply.
But, when that fails because the marginal cost producer keeps on dropping his costs, you go back to rationing your won supply to raise prices.
But, when that fails because the marginal cost producer roars back into production what next? You invite them to join the cartel of course:
