Are Oil companies considered a monopoly?

No, but they should be.





Actually the term economists use is oligopoly (an industry dominated by a few powerful firms). However, in the absence of effective enforcement of anti-trust laws in recent years, they most closely resemble a cartel--a group of companies that act in collusion for mutual self interest, to exclude new competition, and to control the market.





This has the effect o fa monopoly, though. And there is strong evidence that he oil companies are violating the laws. For example, over the last 15 years they have not started building a single new refinery--despite rising demand and the lifting of regulations that they claimed made new construction too expensive.





Now, if one company or several chose not to expand--that's their business. But with growing demand you expect to see some companies moving to capture the new business. That did not happen. In fact, during the same period, the oil companies have bought out most independent refineries and closed them. Our productive capacity ans a nation is less than it was in 1990!





Motive? With limited refinery capicity you create an artificial shortage situation, enabling companies to raise prices. They are making more money, without investing in new capital plant.





As I said, there is very strong evidence of legal violations here--if, as it appears, this situation is the result of a cartel-like policy on the part of the oil companies as a group. A court should decide that.





But I know o fnor situation in economic/business history where such strong indications have not signaled deliberate collusion and manipulation of the markets, which are illegal.Are Oil companies considered a monopoly?
No, there is plenty of competition for exploration and production, and even more for retail fuel sales. It's different than other industries in the sense that it takes ridiculous amounts of capital to enter the market, but there is a good amount of competition.





Also, if you're talking about US companies, they are dwarfed when compared to the national oil companies in the middle east for example. Even ExxonMobil.Are Oil companies considered a monopoly?
Nope-- in fact the US oil companies are small potatoes on the global market since they control only about 3% of the oil.





Edit- Johnson did own a radio station-- but there were MANY radio stations-- still are...... that was NOT a monopoly. Your power company example of course is true --- many countries have monopolistic power and telecommunication sectors. It's more the norm than not.
No. if all oil companies were owned by the same people then it would be a Monopoly. Like the telephone Company used to be and some radio station( example, Johnson owned Texas radio and it was a Monopoly).
';Oil companIES';- you answered it right there. A monopoly is essentially ONE company controlling the market.
No.


As long as there is more than one, there is no monopoly.