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U.S. gas prices have reached a record high. My local gas station has been over $6 for some time. Congress can, and should, fix this.
A global oil exporting cartel led by Saudi Arabia and Russia, known as OPEC, has driven the world economy to the verge of collapse. Oil that ought to be – and was – priced at $70-80 barrel had been forced up over $100 even before Russia invaded Ukraine. OPEC has thus raised the prices of fertilizer, shipping, and food to astronomic levels, all of which threaten the well-being of billions of people and very lives of millions. And OPEC leaders have made it clear that they will enjoy inflated prices for as long as they can squeeze the rest of the world.
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.
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