As gas prices remain high, the Fed contends with "demand destruction" in the oil industry

Demand destruction is the economic term of the day, per the new oil market report from the International Energy Agency. According to that report, amidst the inflationary pressures of the conflict in Iran, global oil supply will fall by 1.5 millions barrels per day this year.

Catherine Rampell of MS NOW and The Bulwark joined “Marketplace” host, Kai Ryssdal, to talk about what’s driving a fall in demand for oil and why it matters for consumers around the world.

Listen in the player above to hear the conversation.