Phil Flynn is Senior Energy Analyst for the PRICE Futures Group and Fox Business Network. In this interview, he explains why global oil supplies are “tighter than they’ve been probably in my lifetime” and how “there’s a huge risk that if things go wrong in the Middle East, [energy prices] could go a LOT higher.” Specifically, Phil says the big risk in the wake of the attack on Israel is that the conflict broadens out to include Iran – and that consuming countries respond by slapping an embargo on Iranian oil supplies.
While Phil believes the US has a “shield” in the form of greater domestic energy production than in the past, that shield could be “a lot bigger or better or stronger” if it weren’t for steps the Biden Administration has taken that have hampered output. The conversation then shifts to Saudi Arabian output cuts...misconceptions about Chinese energy demand...the myriad reasons why the transition to electric vehicles (EVs) will take a long time...and why “fossil fuels are here to stay.” Finally, Phil shares a couple of his favorite investment picks in the energy sector.