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      Russia’s War Machine Revs Up as the West’s Plan to Cap Oil Revenues Sputters

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      Russia has largely evaded attempts by the U.S. and Europe to keep it from profiting from its energy exports.The United States and its allies in the Group of 7 nations set two goals in 2022 when they enacted a novel plan to cap the price of Russian oil: restrict Moscow’s ability to profit from its energy exports while allowing its oil to continue flowing on international markets to prevent a global price shock.A year and a half later, only the latter goal appears to have worked. Energy prices have been relatively stable across the world, including in the United States, which helped devise the plan. But Russia’s war effort in Ukraine is intensifying, making it increasingly clear that efforts by Western allies to squeeze Moscow’s oil revenues are faltering.A variety of factors have allowed Russia to continue profiting from strong oil revenue, including lenient enforcement of the price cap. Russia’s development of an extensive “shadow” fleet of tankers has allowed it to largely circumvent that policy. That has allowed the Russian economy to be more resilient than expected, raising questions about the effectiveness of the coordinated sanctions campaign employed by the G7.The Biden administration maintains that the strategy has been effective and that the price cap has imposed costs on Russia and forced it to redirect money that it would have used in Ukraine to finance an alternative oil ecosystem.Treasury Secretary Janet L. Yellen said in an interview on Sunday that the price of Russian oil was not the only measure of their profits, noting that Russia has had to invest significant resources in response to the cap.“We’ve made it very expensive for Russia to ship this oil to China and India in terms of acquiring a shadow fleet and providing insurance,” Ms. Yellen said on her flight to Europe, where she is holding meetings in Germany and attending a gathering of finance ministers in Italy. “We still think it’s working.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Russia and Ukraine Engage in Dueling Air Assaults Behind the Front Lines

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      Both sides have been looking for ways to inflict damage beyond the battlefield, targeting military logistics hubs and urban centers.Russia and Ukraine targeted each other’s territory on Sunday with drone attacks and airstrikes that hit urban centers and energy facilities, as both sides look for ways to inflict damage beyond the battlefield.The Russian military said it had shot down nearly 60 Ukrainian drones over the Krasnodar region of southwest Russia, which Ukraine has increasingly targeted in recent weeks because it is home to energy and military facilities supporting combat operations.Local Russian officials said an oil refinery had been struck in the attack. A Ukrainian security official, speaking on condition of anonymity to discuss sensitive military matters, said Ukrainian drones had hit the refinery as well as a military airfield in the region. Russian officials did not comment on the reported strike on the airfield.Ukrainian officials said Russia struck northeast Ukraine, including the city of Kharkiv, killing at least 10 civilians and wounding more than 20 people. Russia has not commented on the strikes, which could not be independently confirmed. Kharkiv, Ukraine’s second largest city, has been pounded by Russian missiles in recent months, in what military experts say is a Russian tactic intended to create panic and force residents to flee.Strikes on logistical hubs and troop concentrations deep behind enemy lines have been a constant in this war. But it has become all the more important for Ukraine as it seeks to relieve troops who are struggling to contain Russian advances on the ground by disrupting Moscow’s military operations.Since the fall, Russia has had the upper hand on the battlefield, allowing it to launch assaults on different parts of the more than 600-mile front line to probe and break through Ukrainian defenses. Most recently, it has opened a new front in Ukraine’s northeast, near Kharkiv, quickly capturing several settlements and forcing the Ukrainian army to redeploy units there from other battlefield hot spots.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Russia Bombs Power Plants and Ukraine Targets Refineries in Dueling Attacks

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      As missiles caused extensive damage to Ukraine’s power grid, Kyiv continued drone assaults inside Russia that have drawn criticism from Washington.As Russian missiles streaked through the skies above Ukraine before dawn on Saturday, once again targeting the nation’s already battered energy grid in a broad and complex bombardment, Ukrainian drones were flying in the other direction, taking aim at vital oil and gas refineries and other targets inside Russia.The Ukrainian Air Force said its air defense teams had intercepted 21 of the 34 Russian cruise and ballistic missiles fired from land, air and sea-based systems, but the attack caused extensive damage to four thermal power plants and other critical parts of the power grid in three regions.Russia’s Ministry of Defense said it had shot down 66 Ukrainian drones over the Krasnodar region, which is just across the Kerch Strait in southern Russia, east of the occupied Crimean Peninsula.Veniamin Kondratyev, the head of the regional government, said the Ukrainian drones had targeted two oil refineries, a bitumen plant, and a military airfield in Kuban.The Security Service of Ukraine, known as the S.B.U., said the Ukrainian military operation had targeted the Kushchevsk airfield and the Ilsky and Slavyansk oil refineries. The airfield housed “dozens of military aircraft, radars and electronic warfare devices,” the agency said in a statement, adding, “The S.B.U. continues to effectively target military and infrastructural facilities behind enemy lines, reducing Russia’s potential for waging war.”The Kremlin tightly controls information about Ukrainian attacks, often making it difficult to assess their impact, and it was unclear how much damage the drone strikes caused.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      G.M. Reports Big Jump in Profit on Gasoline Car Sales

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      General Motors has struggled with electric vehicles and in foreign markets but it is selling lots of combustion engine cars and trucks in North America.General Motors on Tuesday reported a big jump in profits for the first three months of the year, based on the strength of its gasoline vehicle business, and raised its outlook for the rest of the year.The company saw slow growth in electric vehicles, but robust sales of internal combustion vehicles, especially pickup trucks, helped raise its profit to $3 billion in the first quarter, a 24 percent jump from the same period a year ago. G.M. also said that it now expects to make $10.1 billion to $11.5 billion in profit this year, up from a previous forecast of $9.8 billion to $11.2 billion.“We’re maximizing the strength of our ICE business, we’re growing our E.V. business and improving profitability,” G.M.’s chief financial officer, Paul Jacobson, said in a conference call with reporters, using the shorthand for internal combustion engine.Mr. Jacobson said G.M. has ironed out production difficulties in battery pack manufacturing and is ramping up output. He repeated an earlier forecast that G.M.’s battery-powered cars and trucks would start generating profits in the second half of this year.G.M. made all of its profit in North America and lost money in the rest of the world, including a $106 million loss in China; a year earlier, the company reported an $83 million profit in that country.G.M. sold 895,000 vehicles globally in the first quarter, an increase of 4 percent.In the first three months of the year in the United States, G.M. sold 9,385 electric vehicles that use its latest battery technology. That’s an increase from 972 in the same period a year ago, but significantly fewer than G.M. had originally expected.The company plans to add several new electric vehicles this year that utilize the new Ultium batteries. They include a GMC Sierra pickup truck that is supposed to have maximum range of 440 miles, and a Chevrolet Equinox sport-utility vehicle that G.M. said would have a starting price of $34,995 and a range of up to 319 miles. More

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      What Really Causes Poor Performance in School

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      More from our inbox:Becoming a Republican to Vote Against TrumpCountering Propaganda From the Fossil Fuel Industry Wayne Miller/MagnumTo the Editor:Re “We’re Not Battling the School Issues That Matter,” by Nicholas Kristof (column, March 7):I completely agree with Mr. Kristof’s column. The situation is serious, not only for education but also for our embattled democracy.I would like to add some nuance. I have been working on a state-by-state analysis of the possible influence of racism, specifically anti-Black racism, on educational achievement.What I have found so far indicates that some children are taught quite well: those in private schools, of course; Asian American children (particularly those whose families are from India); white children of families prosperous enough to be ineligible for the National School Lunch Program; children of college-educated parents; and Hispanic children who are not English-language learners.Some students are in groups that are not likely to be taught to read effectively: Native Americans, children who are poor enough to be eligible for the National School Lunch Program and Black children.None of this will be news to Mr. Kristof. What is surprising to me is the sheer extent and arbitrary nature of the failure by school authorities. Almost everywhere that urban schools, in particular, are failing, socioeconomically similar children are being taught much more effectively in the nearest suburban districts.Part of the reason is money: Per-student expenditure is associated with educational achievement.But part of the problem — most of it — is a matter of administrative decisions: placing the best teachers in schools with the “best” students; equipping schools, in effect, in accordance with parental income; offering more gifted and talented classes to white students — all the perhaps unconscious manifestations of everyday racism.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      See the New Satellite Tracking Methane Pollution from Space

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      Source: 3-D model via MethaneSAT and Fair Worlds Six years ago, scientists at the nonprofit Environmental Defense Fund were wrapping up a major research project to measure methane leaks from oil and gas sites across Texas. Everywhere they looked — using planes, drones, ground measurements and even handheld devices — they found that gas was […] More

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      BP to Increase Oil Output, New Chief Says

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      Murray Auchincloss signaled that he would take a more profit-oriented approach than his predecessor, who started a big push into renewables.BP’s new chief executive, Murray Auchincloss, promised a flexible approach to the shift away from fossil fuels as the oil giant reported a $3 billion profit in its latest quarter on Tuesday.Mr. Auchincloss said in an interview after BP reported earnings that the company was pursuing what he called a “demand strategy.” BP’s shares rose more than 5 percent in trading in London, where the company is based.BP has a plan to become what Mr. Auchincloss called an integrated energy company. But in the meantime, “we see growing demand for energy right now across the globe,” he said. “It is not slowing down.”BP is “going to invest in today’s energy system, to help make sure that prices don’t get out of control,” Mr. Auchincloss said. “So that’s investing into oil and gas,” he added, while also putting money into alternative energy sources like biofuels and hydrogen.Mr. Auchincloss was confirmed as chief executive of BP in January. The former chief financial officer had been serving in an interim capacity after the departure of his predecessor, Bernard Looney, over his failure to fully disclose personal relationships at the company.In a presentation to financial analysts on Tuesday, Mr. Auchincloss seemed to suggest a more profit-oriented approach than the one pursued by Mr. Looney, who after becoming chief executive in 2020 began perhaps the most ambitious shift into renewable technologies among the major oil companies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Oil Giants Pump Their Way to Bumper Profits

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      Exxon and Chevron reported robust earnings and large payouts to investors as they continued to expand their fossil-fuel production.Exxon Mobil and Chevron, the largest U.S. energy companies, on Friday reported sizable profits for the final quarter of last year, showing that the oil and gas industry remained robust at a time of doubts because of climate change concerns.The companies’ earnings were down from the bonanza year of 2022, when a surge in prices pushed up profits, but were otherwise the strongest in recent history.Exxon earned $7.6 billion in the fourth quarter of 2023, a 40 percent fall from the same period in 2022. For all of 2023, the company reported $36 billion in earnings, compared with $55.7 billion in 2022. Before that, the last time Exxon made more than $30 billion in a year was in 2014.Chevron reported earnings of $2.3 billion in the fourth quarter, down from $6.3 billion a year earlier. The change was because of lower commodity prices and write-downs, especially in the company’s home state, California. For the year, the company made $21.4 billion, down from $35.4 billion in 2022 but, like Exxon, otherwise its biggest annual profit in a decade.The companies generated enough cash to fund big dividends and share buybacks. Such payouts are what investors now look for in the industry, analysts say. “In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history, “ Mike Wirth, Chevron’s chief executive, said in a statement.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More