Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., listens during a panel discussion ahead of the Goldman Sachs North American Energy Summit in New York.

Goldman Sachs just concluded its North American Energy Summit this week, and I couldn't help but wonder why the White House wasn't holding the event instead.

Goldman Sachs is one of Wall Street's "white shoe" firms, but it ain't the White House!

Tune in to CNBC's "Power Lunch" Friday, June 13 at 1pm ET. Ron Insana will be on to discuss this idea of "NOPEC" and why the Obama administration should be taking notes.

I have been suggesting for months in my public speaking engagements that President Barack Obama invite Canada's prime minister, Stephen Harper, and Mexico's president, Enrique Pena Nieto, to Washington to hold talks on creating "NOPEC"—the North American Organization of Petroleum Exporting Countries.

The name alone implies what's at stake in the world's petroleum wars.

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If combined, the resources of NAFTA partners, and subsequently, NOPEC powers, could easily change the dynamics of world oil markets, world financial markets and in the geopolitical sphere, as well.

With the U.S. leading the way in the fracking revolution, and with a newly liberalized energy sector in Mexico, North America could easily rival and exceed OPEC's production of crude oil, natural gas, distillates and other petrochemical products—making North America the envy of the energy world.