Lipow Oil Associates President accuses Saudi Arabia of insulting U.S., EU

The President of Lipow Oil Associates, Andy Lipow, weighed in on the Inflation Reduction Act and foreign affairs, saying that Saudi Arabia insulted the U.S. and the European Union with its paltry oil increase, and told Cavuto: Coast to Coast that the consumer response is now causing oil to fall to pre-Russian invasion of Ukraine levels.

It appears that gasoline demand is off 3% compared to last year, and we have seen demand destruction in other parts of the world, where they simply can't afford the high price of energy, and there are rolling power blackouts in Pakistan, requests to reduce demand in Bangladesh.