Ephraim feeds on wind, And chases the east wind. He continually multiplies lies and desolation. They make a covenant with Assyria, And oil is carried into Egypt.
"Multiplieth lies and desolation ..." This is more adequately explained in the next line, where the courting of both their mortal enemies at the same time is mentioned.  Ephraim, in order to provide against the eventuality of an Assyrian invasion, made a covenant with Assyria, but at the same time he was trying to buy the friendship of Egypt with gifts of oil.  Ward's rendition of this verse is: