On paper, the United States should be the world’s safety valve in this fuel crisis. American refineries make far more diesel than Americans burn. But every one of those barrels is already spoken for. Between rising domestic demand, heavy export commitments and refineries running near their limit, the U.S. is drawing down its own stocks, not sitting on a surplus. And as Karl W. Miller shows in his latest assessment, dated September 29, the shock from the Gulf hits the world’s fuel supply twice: it starves refineries abroad of crude and removes finished fuel from the Gulf’s own refineries. America has no spare diesel to offer a world that has lost 1.6 million barrels a day of diesel exports from the Gulf and Russia combined. Until finished-fuel supply recovers, the gap will be closed by higher prices, less economic activity, or both.
Geopolitics
Jouke Huijzer – To Become NATO Chief, Mark Rutte Denied Israeli War Crimes
‘Long-standing Dutch prime minister Mark Rutte is set to be NATO’s next secretary general. To win the role, he had to prove his alignment with Washington — and he did so by repeatedly misleading the […]
Economics
Larry Elliot: In Second Gilded Age, Trump shows no sign of taking on rigged system
Do not be distracted by the title. This is an excellent article explaining the current Second Gilded Age and the ‘Medici vicious circle’, where money is used to get political power and political power is […]
Geopolitics
Branko Marcetic – Which Kamala Harris are we getting?
‘Kamala Harris appears likely to be the Democratic presidential nominee. A look back at her political career reveals a politician who matched every progressive achievement with a conservative one.’ In Jacobin. Read the article HERE.
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