Lipow Oil Associates President Andy Lipow weighed in on the Inflation Reduction Act and foreign affairs, Monday, arguing that Saudi Arabia insulted the U.S. and the European Union with its paltry oil increase, and telling “Cavuto: Coast to Coast” that the consumer response is now causing oil to fall to pre-Russian invasion of Ukraine levels.
ANDY LIPOW: …It really was an insult to not only the United States, but to the European Union as well in order to temper the energy crisis that we’ve seen rise over the last couple of months. Now we’re seeing that the consumer is responding with demand destruction and oil prices are now falling. Crude oil is below its pre- Russia invasion of Ukraine level.
AS BIDEN ASKS SAUDIS FOR OIL HELP, US ENERGY REPS SAY THEY’RE TIRED OF ‘VILIFICATION’
It appears gasoline demand is off 3% compared to this time last year and we’re also seeing demand destruction in other parts of the world, where they simply can’t afford the high price of energy and you see rolling power blackouts in Pakistan, requests to reduce demand in Bangladesh…
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