it comes from greek ὀλιγαρχία [0]: from ὀλίγος (olígos), meaning 'few', and ἄρχω (arkho), meaning 'to rule or to command')[1]

[0] https://en.wiktionary.org/wiki/%E1%BD%80%CE%BB%CE%B9%CE%B3%C... [1] https://en.wikipedia.org/wiki/Oligarchy

Maybe it should have spelled "oiligarchy"?

I'm pretty sure jillesvangurp is referencing the OPEC cartel here, that they are the oligarchies, and the behavior they have is where the word comes from. Not that the word oligarchy comes from something around oil.

Could also be that I'm reading it too favorably, but I guess that's better than the opposite.

I interpreted that to mean "this is effectively an oligarchy", not a claim of recent etymology.