OilPrice.com: Global Food Prices Set To Soar As The Oil And Gas Crunch Continues
* Oil and gas prices have risen dramatically this year as a result of underinvestment and recovering demand.
* Higher fuel prices are weighing on global food supply chains, with transportation and farming costs continuing to climb.
* The hardest hit will, once again, be those living in developing economies that are still struggling to recover from the impact of the pandemic.
The potential for a knock-on effect of rising fuel prices to be felt by other industries is becoming more likely, as oil and gas prices continue to rise to an all-time high, companies are finding it hard to maintain their costs and may have to shift this burden to the consumer any day now.
Petrol prices have risen higher and higher this year, as oil makes a comeback in 2021 following a difficult year of pandemic restrictions and low demand. This has, of course, been aided by the OPEC+ curbs on production that restricted oil output across member states for the first half of 2021. And while production levels are slowly rising, some countries are finding it difficult to reach new OPEC targets as they revive their oil and gas industries, meaning the global shortage continues.
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WNU Editor: The last time global food prices were at this level was in 2011 (see above graph), and the result was the Arab spring and revolution spreading throughout North Africa and the Middle East.
Are we going to see a repeat, but in other parts of the world?
You tell me.
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