It's funny that in the 70's we were mortified by the actions of the cartel, and now we support them. We have become reliant on high priced oil.

But it's all folly anyway, this idea that OPEC can restrict output sufficiently to raise the world price into the mid-fifties. At around $50, the frackers in the Permian get goose bumps and ramp up production so that US domestic supply increases offset any cuts from OPEC. It won't take the Saudi princes long to realize that their combined efforts are only enriching American tycoons, and then they will drop the charade and increase output to hold the world price just below the Permian break-even price.

Oh, and that will further depreciate the CAD in case anyone wants to short the CAD or change their travel plans.