Once again I am indebted to Karl W. Miller, whose analysis of the energy crisis unleashed by the war with Iran has become essential reading for me. Karl has a habit of seeing around corners. He anticipated the Houthi push in southern Yemen back in July, well before it made headlines, and his recent work...

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,...

Since March 2026, a string of fires and explosions has hit European companies that supply Ukraine’s war effort. Some circulating accounts, including a widely shared video (Borzzikman), have inflated this into a campaign of bombings leveling munitions plants across the continent, including in Romania, France and Britain. The documented record is narrower, but still significant:...