On the “upward pressure” side are longer-term macro variables and infrastructure neglect as well as renewed geopolitical instability, punctuated by Russia making war on Ukraine. On the “downward pressure” side are rising recession fears and potential demand destruction as well as the possibility President Joe Biden will extract some sort of promise of increased OPEC production during his visit to Saudi Arabia. While the price of crude oil is fluctuating now, it will be permanently higher in the future. That’s according to Energy Outlook Advisors Managing Partner Anas Alhajji, who also believes we’re in the early stages of an energy crisis. Anas joins Tony Greer of TG Macro for a far-ranging energy discussion, covering such ground as whether Mohammad bin Salman will be receptive to Biden’s entreaty, and why, to some, ESG is a religion. Anas and Tony also address the crises in Sri Lanka and Europe and the trade-offs the U.S. must make to contain prices at the pump. Recorded on July 12, 2022.