It's like if one country controlled all the oil. They'd jack up prices, but they'd also do everything they could to stifle the creation of oil alternatives. They'd start to insist changes in engine designs that used their oil, or else they wouldn't sell you the oil. They'd limit anyone trying to purchase the oil then refine it on their own, because they'd want to do all the refining themselves.
Every indicator I see says that this is going to get much worse in the future.
No need to create a metaphor about an oligopoly such as oil, when a perfectly logical parallel exists... DeBeers anyone?