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This is a research paper which analyzes on exploration of Oil monopolies in Latin America and its effect to the economy. The effect of monopoly in oil explorations has numerous effects to the microeconomics of the country which this paper shall address on. This paper shall address on how monopolization of oil exploration has effect lack of competitive pricing of the oil products because the company contracted is not subjected to competition…..
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For example the Brazilian state controlled oil company has enjoyed oil monopoly for the last forty one years which it has been exploring, refining, production and sales of oil and oil products Brooke, J. (2001). Such a monopoly kills competition because there are no other companies which would explore and sell oil in the region. Lack of a viable competitor makes the company set prices which are high and are not challenged in the market….
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The effect of monopolization of in oil exploration is felt in most of the countries of Latin America which has nationalized oil products and operations to be provided mostly by state owned monopolies. More than ten countries in Latin America including Argentina, Brazil, Bolivia, Mexico and Venezuela initiated state oil monopolies for the betterment of their citizens through reinvestment of oil revenues to the economies. Through the state oil monopolies, the governments would have full control of the companies hence tax evasions would be impossible (Philip, 2007).
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