An Oil Hat-in-Hand Visit to Saudi Arabia?

June 15, 2022--Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--The higher-for-longer outlook for commodity prices is prompting U.S. President Joe Biden to head to Saudi Arabia, once deemed a pariah state, to discuss energy security. Consumer inflation in the U.S. economy hit a 40-year high for the 12-month period ending in May, the bulk of which is attributed to high energy prices. The U.S. sits alongside Saudi Arabia and Russia as a world leader in oil production, and with Russia under pressure from the war in Ukraine, it's left to the others to do the heavy lifting needed to erase a lingering supply-side deficit.