BUT nobody is forcing to buy oil (unlike healthcare would be
) so the more prices rise, the demand falls & they've to lower prices to make profits, it's irrelevant what prices they "want" to sell it at, they do NOT stick to their guns, they're made up of self-interested individuals who want to make profits so when prices rise they automatically produce more oil which causes supply to increase & puts downward pressure on prices
Central-planning doesn't work for same reasons, just because they're cartel doesn't mean that they cease to be self-interested individuals, no the don't; people like you who think such planned cartels can work are poster-children for the failed central-planning programs
The fact that neither cartels nor speculators control prices can be realized from the fact that oil was about $150 before the collapse & in a short while it fell to $50, where were these cartels & speculators then? Why didn't they hold the price at $150??? It's simple, the demand just fell through the floor due to weaker outlook & deflating effect
And why are they at ~$100 right now, I mean they're cartels, right? And they can charge whatever they want, right? So why $100, why not $1000? How about $10000? Million? Why aren't they doing that? How about speculators, wouldn't they make a lot of money if it went $million/barrel? So why aren't they doing it?
BECAUSE none of them dictate prices, supply & demand does! Prices are products of supply & demand! The more prices go up, the more lucrative selling becomes which increases supply & pushes prices down!