Today marks the 40th anniversary of the Organization of the Petroleum Exporting Countries embargo against the U.S. and states that supported Israel after Egypt and Syria initiated simultaneous offensives against it on Yom Kippur in 1973. While it’s not an anniversary that many will celebrate, it’s a good opportunity to reflect on how much more secure our energy situation is, despite our continued heavy reliance on fossil fuels.
Gunmen renewed attacks on Egypt’s security forces with a fatal shooting in the city of Port Said, a day after a suicide bomber and other militants killed 10 policemen and soldiers in the nation’s latest spasm of violence.
The Group of 20 economies identified market turmoil from central banks’ withdrawal of monetary stimulus as a key risk to the global financial system, according to a draft communique for talks scheduled later this week.
A main government installation near Cairo was attacked and 11 security personnel were gunned down in new eruptions of violence following the military-backed government’s deadly suppression of an Islamist protest. The U.S. canceled joint war games with Egypt to signal its outrage over a death toll that ballooned to almost 600.