OPEC... new definitions? Try these suggestions:

optimists & pessimists evermore collide

over pampered elite conspiracy

oligarchical profiteers encouragement club

overseas puppets energy collaborators

overt procrastinators eagerly caterwaul

omnivorous predators erstwhile carnivores

If I may be so bold to add one more:

over producing ever contracting

Ha...all lovely entries. Thanks for playing. Shall we vote on a winner?

Overpopulation Problem Equals Contraction (Malthus was right.)
Only People Eat Carbon (Indirectly true...)
Oil? Petroleum? Energy? Coal! (Gonna switch someday...)
Oil Producing and Ever Consuming (ELM)
Oil Peaked, Everyone Concerned (MSM)
Oh Please, Everyone's Crazy (What the Saudi's are saying)
Over People's Exploding Corpses (What we went to Iraq for)
Outta Petrol, Experiencing Convusions (Our Economy)
Overly Pessimistic, Extremely Concerned (Kunstler)

AND FINALLY...

Only Pennies Every Cup (Matt Simmons)

Alright...the ratings have decided. Geckolizard gets to choose one of his above as the winner. I will select...umm...heck I like them all....well done!!