Energy Industry

[On Russia, Saudi Arabia and oil prices] This is testing out what prices everyone can live with, and it sounds like the Russians can live with prices slightly lower than what the Saudis want to live with. How durable is this Russia-Saudi agreement? They made it under some serious duress after the price drops from 2014-16, and they didn't have much choice. Do their interests align over the long term? We may begin to see the answer as they begin to chat at the G20.

[On oil prices] The question is whether they want to get crosswise with the Saudis or not. It's not friendly cooperation, especially the Saudis and the Russians. This is definitely more a marriage of convenience than love.

[On Obama Administration fuel economy standards for vehicles] They were a big deal because vehicle travel is one of the biggest sources of greenhouse gas emissions. And they sent a long-term signal to Detroit that they need to make vehicles that produce fewer emissions. Attempting to loosen them has sent the exact opposite signal to Detroit.