Oil prices skyrocket due to OPEC's cutback of production. Why?
They just decided they needed more profit. Price increases are passed on to the consumers. The U.S. requested OPEC to increase production. Their arrogant reply was "Maybe in the spring."
I think the time has come for us to get out of being held hostage by OPEC. What we need is a "Manhattan Project" as we did for the atom bomb, for alternative fuels. An all out research and development project. During WWII the Germans had a synthetic oil. There is ethanol, methanol, T-55, fuel cells and other types of fuel being looked at.
American knowhow, given the resources can free us from being under the thumb of OPEC.
Unfortunately this would require Congress to act upon. But Majority Leader Trent Lott has said that nothing new will be addressed
by Congress because of the upcoming elections. So Congress will spend the rest of the year going through the motions of a legislative body while ignoring the needs of the country.