The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!OPEC is not a monopoly. It’s a cartel, but that is nitpicking. The idea is to anger Americans and the word monopoly does that more efficiently than does cartel. The President is worried about the US economy, but in addition he knows that higher oil prices will increase revenues to Iran’s wealthy politicians, whom Trump’s sanctions don’t affect. Economic sanctions only hurt Iran’s poorest people who have no influence over their government.
The US spends almost 4% of its GDP on the military. That includes billions the US spends to protect the sea lanes around the world to make a clear path for oil transportation. But we get only about 13% of our total oil from Persian Gulf states. Is that a good tradeoff, or as economists say, a good cost/benefit analysis?