Opposite racism?

Racism is based on oppression of minorities, which essentially eliminates the majority from being on the receiving end of racism.

Nitpick. Racism is oppression of any group of people due to a characteristic (assumed or unfounded) of that group. It can happen to minorities (black people are loud), majorities (white people are closet racists), ethnic groups (jews are money grubbing), religions (catholics fondle children), etc..