Oil prices just keep falling and crashing into things on their way down. It seems like every day another country gets a bill for damages: Saudi Arabia, Nigeria, Russia, the UK. While the global economy’s biggest players are reeling, there is a less visible group of people who stand to benefit tremendously: those without enough to eat.
The security of the world’s poor is inseparable from the price they pay for food, especially the grains that constitute most of their diet. Oil prices are a significant factor in determining the price of other commodities, including food. Tractors and other farm machinery require fuel, as does the manufacture of fertilizer. Once crops are harvested, oil prices dictate the transportation costs to get them to market, whether that’s down a highway or over an ocean.
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WNU editor: I live in Canada .... unfortunately the drop in the price of oil has meant a drop in the Canadian dollar .... which in turn has meant an increase in the price of food that we import.
3 comments:
I live in south texas, and in the past 10 years Ive seen the price of food increase. While most media and "experts" tied the increase to the rise in oil prices now that oil has price had decreased it has not lowered food prices with it. Would the cause be a weaker dollar aswell, supply and demand? Although I know the us produces more food than most other countries...
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