We’re staring down the barrel of a serious gap in oil supply, notes Warren Pies, and that could translate into a worldwide recession. Pies, co-founder and strategist of investment research firm 3Fourteen, in conversation with Real Vision’s Maggie Lake, breaks down the broader consequences of the conflict between Russia and Ukraine, offering granular assessments of energy markets and the supply chain. The bottom line, according to Pies, is that we’ll continue to see upward pressure on the Consumer Price Index. Pies also shares his insight into the consumer psychology behind inflation and explains how he’s balancing a barbell of tech and energy stocks. Recorded on March 2, 2022.