A small refinery tucked inside a New Hampshire office park is helping produce the critical minerals needed in the missiles used in the Iran war. Phoenix Tailings is among the few U.S. companies processing these minerals and received $500 million from the Pentagon to expand its capacity. But it will take a while to ramp up its work. In addition, most new U.S. mines are years away from reality as the country tries to build up domestic supplies of critical minerals free of Chinese control. As the White House is demanding military contractors speed up weapons production, it’s also imposing stricter rules banning them from sourcing critical minerals from China.

Major oil companies reported massive profits while fighting between Iran and the U.S. impeded petroleum shipments. Prices for Brent crude soared above $100 a barrel for much of the spring. Constrained supplies meant consumers around the world paid more for fuel and confronted shortages. But higher prices resulted in elevated profits for some of the biggest publicly traded oil companies. American oil and gas giants Exxon Mobil and Chevron both more than doubled their profits in the second quarter. They are positioned to benefit because they own refineries and extract oil and gas. Democrats in Congress have proposed taxing oil producers for war-related windfalls.

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