Germany’s Economic
Minister came close to accusing the US and other allies of
“war-profiteering”
By Michael Every: Yesterday was all about oil, geopolitics, and geostrategic errors; and, in the background, domestic politics, accepting past errors, and trying to make amends for them. Ironically, it all happened on Yom Kippur, the Jewish Day of Atonement, which back in 1973 jump-started a Middle East war, and then the energy crisis that led to the collapse of the post-WW2 Western political-economy model, and ushered in global neoliberalism.
OPEC+ lined up with Russia to slash output by 2m barrels a day from November and through 2023, pushing energy prices up, and seeing a slew of calls for oil to again top $100 in the near future. That was as US gasoline inventory data dropped 4.7m barrels to the lowest level since November 2014 despite apparent demand destruction.
The White House response was furious.