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Convince Saudis or Recession? Biden’s Oil Problem -Bloomberg

Ziad Daoud (Economist), Bloomberg News

LONDON
EnergiesNet.com 07 15 2022

 Oil prices have risen about $20 this year solely due to supply outages, with Russia’s war in Ukraine exacerbating the crunch, according to research by Bloomberg Economics. That’s a threat to US President Joe Biden, who heads to Saudi Arabia on July 15 with the goal of lowering fuel costs at home. His hosts may have limited capacity to address crude supply shortages. The alternative is to depress demand — for that, Biden may need a recession.

bloomberg.com 07 14 2022

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