I am old enough to remember the first energy crisis in the early 1970s. That episode was a tremendous shock for two reasons: Gasoline prices spiked, and Americans realized just how vulnerable our nation had become to the whims of oil ministers on the other side of the globe.
So it came as little surprise on Nov. 30 when the predominantly Middle Eastern members of the Organization of the Petroleum Exporting Countries announced an alliance with Russia to cut global energy production and push up the price drivers will pay at the pump. The cost for a barrel of oil leaped nearly $10. By joining in the cartel’s efforts to manipulate global prices, Russia helped ensure that unfriendly nations, reliant on revenues from fossil fuel production, will continue to profit from America’s dependence on oil.
