It's tragedy of the commons. A series of events that have happened which has misaligned the market into an unspoken cartel. An opportunity (or temporary need) a

It's tragedy of the commons. A series of events that have happened which has misaligned the market into an unspoken cartel. An opportunity (or temporary need) arose to raise prices and now they don't want to lower them. They are looking over their shoulder and their friendly rivals aren't doing so either.