To free ourselves from dependence on OPEC oil, the United States should band together with Canada and Mexico to create NOPEC, says CNBC contributor Ron Insana.

OPEC stands for the Organization of Petroleum Exporting Countries. NOPEC would stand for the North American Organization of Petroleum Exporting Countries, Insana writes on CNBC.

"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," Insana argues.

Editor’s Note: Get These 4 Stocks Before 399% Stock Market Rally!

"With the U.S. leading the way in the fracking revolution, Canada in tar sands and with a newly liberalized energy sector in Mexico, North America could easily rival and exceed OPEC's [energy] production, . . . making North America the envy of the energy world."

July crude futures jumped to an nine-month high Friday on the Nymex, and many experts see further gains ahead. U.S. crude oil gained 38 cents to settle at $106.91 per barrel, the highest level since Sept. 18.

"Prices have jumped to [almost]-nine-month highs as the upsurge of violence in Iraq has raised additional risk of supply disruption," Gene McGillian, an analyst at Tradition Energy in Stamford, Conn., tells Bloomberg.

"The situation in Iraq is going to continue to guide the market for a while."

As for NOPEC, Insana says it "could become the swing producer of energy products in world markets, helping to drive down prices that are currently hostage to OPEC's whims, geopolitical risk and, on occasion, excessive speculation that whips oil markets round and round."

Editor’s Note: Get These 4 Stocks Before 399% Stock Market Rally!

Related Stories:

• 'People Are Very Nervous': Oil Edges Higher on Iraq Insurgency
• Iraq Insurgency Risks Biggest Source of New OPEC Oil, IEA Says