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I mentioned last week that a significant part of high energy prices which have fueled inflation have been driven by the refusal of Saudi Arabia and other Gulf monarchies to increase supply and moderate prices. As we discussed last week, the de facto ruler of Saudi Arabia, Mohammed bin Salman, has been fairly open about the fact that he sees no urgency about cooling oil prices as long as the U.S. government has not provided him with immunity for the murder of Jamal Khashoggi or total support for its war in Yemen.
Just this morning, the Saudi Foreign Ministry put out more of what amount to threats if the U.S. doesn’t back its war in Yemen. From Al Arabiya …