The U.S. And Saudi Arabia's Conflicts Over Oil Prices

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The U.S. shale revolution has given the U.S a source of energy independent from Saudi Arabia and Russia, Wes says. Big emerging markets, China, India are rising up the global GDP rankings - that means their demand for oil is rising as well. And at least on China's side, their economic rise is being matched by rise to play a larger role in global affairs. That's why we've got Xi Jinping playing the blessed of the peacemakers' role,.

For decades, the United States and Saudi Arabia maintained an important strategic alliance, which gave the US access to Saudi oil in exchange for guaranteeing the kingdom’s security. But growing tensions between the two nations now threaten to rupture this relationship.

Bloomberg’s Ziad Daoud, Tom Orlik, and Nick Wadhams join this episode to explain what’s behind the US-Saudi rift, and why it could have far-reaching consequences for the US economy and potentially the 2024 presidential election.

Read the story: US-Saudi Oil Pact Breaking Down as Russia Grabs Upper Hand

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