scarcity

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The problem is that the world's conventional oil resources are concentrated in relatively few countries who are able to manipulate the economic scarcity of oil to their advantage and to the disadvantage of other countries and who have done so in the past.
Second, the economy's overall ability to produce is diminished by oil's greater economic scarcity.
Creating economic scarcity through the use of market power is beneficial to oil producers and harmful to oil consumers.

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