German Chancellor Olaf Scholz arrives for a visit of the German armed forces’ Joint Operations Command in Schwielowsee, Germany, on March 4, 2022 (AP photo by Michael Sohn).
On Feb. 27, nothing less than a revolution took place in Germany. In a 30-minute speech to parliament, Chancellor Olaf Scholz overturned all the old certainties that have dominated German security policy for over 30 years. He replaced them with an ambitious agenda that had defense, a topic with which Germany normally only reluctantly engages, at its core. Since the end of the Cold War, Germany has not felt threatened militarily. As a result, Berlin has felt little urgency to invest in its military and was reluctant to engage in the various military operations of the post-Cold War period. Where [...]
A gas station shows record fuel prices in Gelsenkirchen, Germany, March 7, 2022 (AP photo by Martin Meissner).
In the aftermath of U.S. President Joe Biden’s announcement last week that he was banning Russian oil imports in the U.S., global markets delivered a stark message to Russia’s leading energy giants: No one wants to buy what they’re selling. No one, that is, other than India, which is the only country that has so far offered to buy Russian crude despite the new round of U.S. sanctions and the European Union’s commitment to decrease its reliance on Russian energy imports. India’s move to buy a one-off shipment of 15 million barrels of oil from Russia is sure to rankle some in Washington, but before the [...]
An oil well pump operates in Boca de Jaruco, Cuba, July 11, 2014 (AP photo by Desmond Boylan).
If the global scramble to replace Russia’s oil in the wake of its Ukraine invasion had occurred a few years from now, instead of today, diplomats would be turning not only to Saudi Arabia, Iran and Venezuela for potential new sources of oil, but also to another, perhaps unexpected country: Guyana, a minuscule South American nation that is now in the process of becoming a petroleum powerhouse. In the history of the world, few moments­ like this—in which an impoverished country suddenly discovers that it possesses untold wealth—have ever occurred. And yet, that’s what happened in Guyana in 2017, when ExxonMobil [...]
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