For most of this year I have been making an argument about a fraction of a barrel. Not the barrel itself — the flat price of crude has been a headline anyone can read — but the middle of it: the narrow band of the distillation column where diesel and jet fuel come from, and where the real damage of the Iran war was always going to land. I called America’s role in it a paradox — a shortage it is supplying, not suffering — and I argued that the country’s genuine vulnerability was never crude availability but the refinery-to-fuel chain that turns a barrel into something an engine can burn.
In 2008, Angela Merkel issued a solemn proclamation in her then capacity as chancellor. Israel’s security was a Staatsräson – a “reason of state” – for Germany, she affirmed. The effects of that declaration are […]
International rating agency Standard&Poor’s has changed its outlook of Romania’s rating from stable to negative while affirming the country’s long- and short-term foreign and local currency sovereign credit ratings at ‘BBB-/A-3’. In reaction, Romania’s Liberal […]
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