S8 Ep966: (6) Michael Bernstam notes the OECD's warning of global recession if the Gulf energy crisis persists. While the US is depleting strategic reserves to maintain supply, it is also increasing domestic production. High prices are triggering "demand destructio
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 4 June 2026
⏱️ 10 minutes
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Summary
(6) Michael Bernstam notes the OECD's warning of global recession if the Gulf energy crisis persists. While the US is depleting strategic reserves to maintain supply, it is also increasing domestic production. High prices are triggering "demand destruction," where consumers shift to public transport to mitigate energy costs.
Transcript
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| 0:59.3 | For full terms, visit the QVC website. I'm John Batchel with Michael Bernstab in the Hoover Institution. |
| 1:21.5 | What began several years ago is a conversation about oil and sanctions. |
| 1:25.5 | It's now a conversation about planet earth everyone oECD warns |
| 1:30.7 | of dark scenario in quotes you'd think this was a bronte novel dark scenario if gulf energy crisis |
| 1:39.4 | drags on subhead growth rates would tumble to levels rarely seen outside of major global events, |
| 1:47.5 | such as the pandemic of COVID-19. Michael, this is the sort of thing the OECD likes to do, |
| 1:53.7 | warn, mend your ways or else. We're looking at a downgrade of everyone, including the United States. |
| 2:00.6 | Your estimate, is Russia okay with |
| 2:03.6 | this? Can they survive this quite separate from the rest of the planet? They're under sanctions |
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