One economist's 'radical idea' to solve the biggest energy crisis in history: a reverse OPEC.

The article focuses on the current global energy crisis and explores a proposed shift in oil market dynamics led by the United States. Economists Gregor Semieniuk and Isabella Weber suggest forming a buyers' coalition of oil-importing nations to collectively set price ceilings, countering the Organization of the Petroleum Exporting Countries (OPEC) model that controls supply. This approach aims to prevent wealthier countries from outbidding poorer ones during shortages and to curb inflation amid ongoing supply disruptions. The proposal builds on existing frameworks like the International Energy Agency and calls for greater government intervention in oil pricing, contrasting with the free-market system dominant since the 1980s. The article also discusses geopolitical and economic factors influencing current energy distribution and the potential role of U.S. policy, including excess profit taxes on oil companies, in addressing the crisis. [Extracted from the article]