When an Oil Giant Runs Short of Fuel: The New Logic of Energy Power
Massive Ukrainian drone attacks are exposing a new vulnerability of Russia’s energy system: having enormous oil reserves is no longer enough if a country cannot refine crude into usable fuel. In 2026, global oil markets faced an unusual situation. Crude prices fell while gasoline, diesel, and jet fuel became significantly more expensive. The problem was not a shortage of oil, but a shortage of…
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