To quote Jack Nicholson as Colonel Nathan Roy Jessup in A Few Good Men: When it comes to the OPEC oil cartel, American politicians can’t handle the truth. The Organization of the Petroleum Exporting Countries has been a useful bogeyman for legislators since the first oil shock in 1973. It’s an easy target, and one that allows everyone in Washington to point fingers elsewhere at the pain the pump. And there’s pain: On Wednesday, average U.S. retail gasoline prices hit a record high of $4.404 a gallon, up nearly 50% from a year ago. Retail diesel prices also hit a record high; at $5,553 per gallon, diesel is up nearly 80% from May 2021. Unsurprisingly, U.S. lawmakers have resurrected the so-called “No Oil Producing and Exporting Cartels Act,” or NOPEC, which proposes to submit the Sherman antitrust organization used more than a century ago to break up John Rockefeller’s oil empire. It won’t – and shouldn’t – work.