Albert DeAscentis: Members of the oil cartel sit on top of nearly 80 percent of the world's conventional crude reserves. Yet they account for only a third of global oil production. In the past three decades, global oil demand grew 45 percent.OPEC could produce more oil if it wanted to. But it won't.Cartels, by definition, exist to maximize the profits of their members. OPEC members, which last year raked in $1 trillion in oil revenues, are doing that masterfully.
No amount of U.S. drilling or efficiency measures will change that.