Biden’s Trip To Saudi Arabia Won’t Solve The Oil Market’s Problems

When news broke last week that President Biden was planning a Middle East visit that would include Saudi Arabia, many an industry observer saw in this signs of "thawing" relations between Washington and Riyadh. They also saw the prospect of lower oil prices. It was, after all, to lower prices that Biden was planning this visit.

Unfortunately, things are never that simple. While it is a nice thought that a single visit to Saudi Arabia could convince them to open the oil taps and send prices falling, the reality is that prices may not come down for…