Free Republic

President Donald Trump announced Monday that the war in Iran would be over “very soon,” and that oil tankers would be given special U.S. Navy escorts to navigate between the Persian Gulf and global oceans. With gasoline prices and energy inflation already ticking up around the world, the speedy resumption of global petroleum trade has become a matter of urgency for the global economy, according to the world’s largest oil and gas company.The widening conflict in the Middle East has all but immobilized the fossil fuel trade stemming from the region over the past 10 days. Attacks targeting vessels and...

For months, Germany has feared having to ration energy amid Russia’s increasing willingness to turn off the tap. Now those fears are becoming a reality as Germany prepares for a return to 1970s-style energy rationing, when the OPEC oil embargo forced governments to mandate measures like dimmer lights and car-free Sundays. Only, the energy crisis of 2022 isn’t limited to oil. Last year, Germany relied on Russia for 55% of its natural gas imports. Germany has since been able to reduce that number to 35%, but with Russia seemingly prepared to further cut gas shipments to Europe, German officials are...