Italy’s prime minister has hatched a radical plan to contain the oil price rally, a plan that involved creating a cartel of oil consumers to increase their bargaining power. The plan faced strong opposition from the Netherlands and Germany, two of the largest importers of Russian oil. The European Commission has argued that an oil price cap should only be used in the case of an emergency, but there appears to be some support for a natural gas cartel. The summer driving season is here again, and U.S. motorists are feeling real pain at the pump as gas prices continue taking out fresh highs. The national average for unleaded gas hit a new high of $4.67 per gallon on Wednesday, with the average price at $4 per gallon or above in all 50 states for the first time ever. President Biden is scrambling to lower gas prices ahead of […]