Clinton's Best Oil Idea: Get Tough on OPEC

At the same time, there's lots the government could do to let the air out of the speculative bubble that accounts for much of the recent run-up in oil prices.

A genuinely concerned president could hire a team of former Enron traders to manage the filling of the Strategic Petroleum Reserve, and give them the dual mandate of filling the reserve at the least possible cost while adding some "balance" to markets in which everyone seems to be leaning in the same direction. These guys were brilliant at manipulating markets to the benefit of themselves and their shareholders. Given the resources of the federal government, I bet they could work wonders on behalf of American consumers and taxpayers.

At the same time, Congress could close what is affectionately know as the Enron loophole and bring the massive market in commodities derivatives trading under the regulatory scrutiny of the Commodity Futures Trading Commission. Because of the hundreds of billions of dollars in investment capital that has poured in over the past two years, this unregulated, over-the-counter, shadow commodities market has overwhelmed the regulated market in real-world commodities futures. Reigning it in will have an immediate effect in reducing the speculative pressure on all commodity prices, particularly oil.

Of course, we don't have to rely solely on government to do something about price fixing and excessive speculation in oil markets. We can also take things into our own hands by setting aside a week every three months -- the week all the big oil companies announce their quarterly earnings -- to avoid the pumps altogether and use as little gasoline as possible.

Instead of driving, let's try walking, bicycling, car-pooling or taking public transportation for a week, or working from home some days. Yes, it will be inconvenient. Yes, it will involve sacrifice. But it will also be good for the environment and good for your pocketbook. It might also shave a dollar or two off the price of your next fill-up, even without a tax holiday.

Best of all, it will send a powerful message to OPEC, oil speculators and their free-riding friends in the oil industry that we're not going to take it anymore.

So mark your calendar for the week of July 27 through Aug. 2: Boycott the Pump! And don't forget to tell a friend.