Before becoming President, Joe Biden promised to make Saudi Arabia pay the price for killing Jamal Khashoggi, but high gasoline prices have forced him to change that stance.
- Jul 21, 2022, 4:00 PM CDT
He elaborated: “I would make it very clear we were not going to in fact sell more weapons to them. We were going to in fact make them pay the price, and make them in fact the pariah that they are.”President Biden has had to learn some very hard lessons when it comes to the global oil industry. One of those lessons is that major oil-exporting countries — like Russia and Saudi Arabia — hold tremendous power because of the world’s continued dependence on oil.
Therein lies the problem with idealistic energy policies. You can only make a country like Saudi Arabia a pariah if two conditions hold true. First, they must be heavily reliant on their oil revenues to fund the government. That condition is true.
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