We need our president to act on behalf of all Americans to counter and bring to heel the massive influence, lobbying power and money of the oiligopoly. The president does not seem to understand what is happening at the gas pump.
How fortunate we are to have two Nobel Laureates bringing their prestige to matters relevant to oil markets. They instruct us on matters of oil pricing and get it dangerously wrong while we pay at the pump.
OPEC is prepared to do little or nothing to help reduce the current level of oil prices. Their lack of willingness to hold the price at moderate levels gives the speculators a one way bet on ever higher prices.
At $80 a barrel, an excess of one billion dollars a day is being lifted from the pockets of the American consumer through higher gas prices, heating bills, lost jobs because of higher industrial feed stock costs.
Given OPEC's success, given our tolerance of its activities, given its enormous cost to our society, why should we not, in our own self-interest and in an effort to level the playing field, follow its example?