| Who's Really to Blame for Rising Oil? |
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 This might be the worst kind of oil spill. The bubbly high price of oil has spilled over into food and the damage appears to be life threatening. Somalia is the latest to join the growing list of African countries where rising food prices have led to violence. A sack of rice that sold for $32 only one month ago is now going for $52. Over one billion Asians are requiring assistance to weather the effects of the soaring price of food around the globe. Haruhiko Kuroda, the Chinese bank's president, said an erosion of purchasing power has put Asia's poor at risk of hunger and malnutrition and could “seriously undermine the global fight against poverty and erode the gains of the past decades.”
Food prices have an extremely high dependence on oil and oil-based products. Food processing, storage and distribution are all extremely energy intensive processes. In order to curb food inflation, we first need to lower oil. World leaders have no control over pricing and don’t know what to do.
SeekingAlpha
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Posted on Sunday, May 11 @ 22:55:58 EDT by stu |
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