The US-Saudi Relationship Is In Danger of Falling Apart
Big Take
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The Risks of Higher Oil Prices
If oil prices are set based on the interests of producers, that's going to mean they're higher. Saudi wants to pay for its ambitious plans to build futuristic cities in the desert. They need oil prices north of $80 a barrel. If Russia wants to balance its books as it pays for its enormous war of aggression in Ukraine, it needs oil prices $100 a barrel or higher. And those higher oil prices, they stuff the coffers of the oil producers,. But for the oil consumers, US households, European households, US businesses, European businesses, they mean higher prices and that means higher inflation.
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