The Arab-Israeli region of the Middle East is filled with rumors of war. That is about as unusual as the rising of the sun, so normally it would not be worth mentioning. But like the proverbial broken clock that is right twice a day, such rumors occasionally will be true. In this case, we don’t know that they are true, and certainly it’s not the rumors that are driving us. But other things — minor and readily explicable individually — have drawn our attention to the possibility that something is happening.
The first thing that drew our attention was a minor, routine matter. Back in February, the United States started purchasing oil for its Strategic Petroleum Reserve (SPR). The SPR is a reserve of crude oil stored in underground salt domes.... (read entire article)