Crude oil has slumped in recent weeks, as investors price in the potential impact of a global economic downturn on demand. That’s the short term. Warren Pies is focused on the long term, and he’s sticking to his bullish outlook for West Texas Intermediate and energy stocks. Pies, in conversation with Jared Dillian, the editor of The Daily Dirtnap, says demand destruction is inevitable during a recession. But what has and will take place is not sufficient to offset the deficit created by Russia’s invasion of Ukraine and the sanctions imposed on Moscow and its hydrocarbon exports. Absent a change in the international community’s attitude, Warren sees crude oil reaching new all-time highs sooner rather than later. Recorded on July 5, 2022.