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.
EU politics
BBC: UK Hauliers in compensation claim for overpriced trucks
We have repeatedly referred to the cartels – An association of companies obtaining the total control over a market. These are nothing less than trans-European monopolies – endemic to the EU. The interesting aspect of […]
Climate Crisis
Jamie Maxwell: Mark Carney likes to talk green, but he’s just another agent of the status quo
The former Bank of England governor is finance adviser at COP26 and rumoured to be running for Canadian prime minister. But his new book is just a flutter of platitudes Read here
Deregulation
Aditya Chakrabortty: The fat cats have got their claws into our universities, and will eat them up
In neo-liberalism everything is a commodity, there to be exploited by the “New Meritocracy” of business people. In the UK they are now plundering what were once true bastions of meritocracy: universities. Read here
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