Gas price records mean OPEC has to be cut down to size

Gasoline has soared to roughly $5 a gallon across the U.S. That means Congress and the White House can no longer ignore the power of the OPEC oil cartel.

In fact, even with oil spiking above $120, OPEC’s much publicized recent offer to increase production would only offset less than 10% of the Energy Information Agency's estimate of the shortfall resulting from a European Union embargo of Russian oil. The cartel is clearly holding to its goal of oil prices of over $100 range, a price which has consistently crushed global growth in the past. 

Carried along by oil exporters, Western oil producers are raking in record profits while declining to push for maximum production even in the midst of a global supply crisis. Governments around the world are tottering from the economic instability fueled by oil profiteering.