SAUDI-RUSSIA COLLUSION IS DRIVING UP GAS PRICES — AND WORSENING UKRAINE CRISIS

 A spat between Saudi Crown Prince Mohammed bin Salman and Biden is pushing gas prices ever higher. It started under Obama.

Saudi Crown Prince Mohammed bin Salman, right, and Russian President Vladimir Putin at the G-20 summit in Buenos Aires, Argentina, in 2018

AS RUSSIA ORDERED troops into Ukraine on Monday, gas prices soared to their highest levels in over seven years. While the media focuses on the conflict in Ukraine, a major cause of the gas price spike has gone overlooked: Moscow’s partnership with Saudi Arabia has grown dramatically in recent years, granting the two largest oil producers in the world the unprecedented ability to collude in oil export decisions. The desert kingdom’s relationship with the U.S. has chilled in the meantime, as demonstrated earlier this month, when President Joe Biden pleaded with the Saudis to increase oil production — a move that would not only have helped to alleviate rising inflation and gas prices, but also reduced Russia’s extravagant profits amid its aggression against Ukraine. The Saudi king declined.

The Saudi and Russian relationship has blossomed under Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, whose first formal meeting with Russian President Vladimir Putin took place in the summer of 2015. MBS pursued the meeting after then-President Barack Obama declined to meet with him, The Intercept has learned from two sources with knowledge of the matter who were granted anonymity to describe sensitive discussions.

Now, as Biden refuses to meet with MBS due to his culpability in the grisly murder of journalist Jamal Khashoggi, the crown prince may again see a friend in Moscow, which is profiting handsomely off MBS’s refusal to increase oil production. Hints of MBS’s resentment over Biden’s refusal to meet with him occasionally spill out into the public, as they did last year, when the crown prince canceled a meeting with Defense Secretary Lloyd Austin on a day’s notice. He opted instead to meet with Leonid Slutsky: a top Russian lawmaker who was sanctioned by the U.S. for his role in Russia’s 2014 invasion of Crimea. (MBS canceled Austin’s visit because he was “holding out for a call from the president before responding to the administration’s entreaties,” according to senior officials cited by Council on Foreign Relations fellow Martin Indyk in Foreign Affairs magazine.)

“Putin and MBS have much in common, including murdering their critics at home and abroad, intervening in their neighbors by force and trying to get oil prices as high as possible,” Bruce Riedel, a senior fellow at the Brookings Institution and former CIA analyst with expertise in the Middle East, said in an email to The Intercept. Putin will do MBS a great service if he invades Ukraine and sends oil prices through the roof.”

Read more : https://theintercept.com/2022/02/23/ukraine-russia-gas-prices-saudi-arabia-biden/