Delta’s foray into oil refining illustrates some of the reasons the business was in trouble even before the pandemic.
Clifford KraussGasoline and diesel demand has recovered substantially in recent weeks but jet fuel remains in the dumps with people afraid to fly. Delta Airlines is the unlucky owner of a refinery that was supposed to be a hedge when jet fuel prices rise -- not fall.
Trying to cut spending as the pandemic reduces tax revenue, governments are finding it easier to lift restraints on what consumers pay for fuel.
Clifford KraussIn the age of Covid, governments in developing countries must decide whether to keep fuel cheap for the poor or slash inefficient and polluting energy subsidies that tax their budgets