It is hard to predict oil prices as it's been well known and predictions usually end up in embarrassing the forecast. But I think if you look at the long term picture, we're going to get into renewables. The key question here is when does the short term end where we have high oil prices in a tight market? And when does the long term begin, where we have the transition away from oil?
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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