Tomlinson: Dictators will drive the Texas economy in 2023

Tomlinson: Foreign dictators will drive the Texas economy in 2023 by making these critical decisions

. China is the world’s largest energy importer, so a slowdown there deflates global prices for oil, natural gas and energy company stocks, despite Russia’s shenanigans in Ukraine.

Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin are observing China and global demand closely. Both leaders, along with other petrostate dictators on the supply side, want higher prices to finance their holds on power. In the past two months, international sanctions and Putin’s brinkmanship have radically reduced Russia’s exports without driving up prices. Putin wants higher prices to offset the lost income from lower exports, and he needs OPEC to play along.

Whose side bin Salman chooses, and when, will determine oil prices throughout 2023. If Salman sides with Putin, he could drive up prices by a third or more. Cooperating with Biden will leave prices reasonable for everyone except Russia.

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