Publications: Notes at the Margin

It's the Economy... (July 3, 2023)


“It’s the economy stupid” was a phrase James Carville coined in 1992, when he was advising Bill Clinton during the latter’s successful run for the White House.” Oil company executives and consultants, oil ministers from exporting countries, the diminishing number of Wall Street analysts following oil, the International Energy Agency, and most reporters have not gotten Carville’s message. The world economy matters more than oil, and the major central banks intend to tame it. The oil markets will be a major casualty of their actions, as the tone-deaf individuals listed above will soon learn.


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