PUTIN AND THE PRINCE BOTH LOSE

Not for the first time, let’s wonder how much Vladimir Putin and Crown Prince Mohammed bin Salman (widely known as MBS) really know what they’re doing.
Oil has crashed to $32 a barrel thanks to a sudden feud between Russia and Saudi Arabia, which comes amid the Covid-19 shock to the global economy. The upshot could bankrupt a lot of U.S. shale companies, if that’s either man’s thinking.
But the U.S. may be the world’s biggest producer but oil is a tiny share of its economy. What America loses in terms of oil-industry wages and profits it gains in lower gas prices for consumers and energy costs for downstream industries.
The strongmen’s desperation is understandable but nothing else about their feud is: Saudi Arabia and Russia have zilch to offer the world except oil and gas.














