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It was not that long ago, althought other events and developments since may make it seem longer. Mid 2008, the world was facing huge price increases in oil and in many staple foods. Combined they put huge pressure on the inputs costs of most business sectors. Fishermen and truck drivers in many places in Europe were demonstrating asking for special oil/gasoline vouchers in order to "survive". Oil was trading way above $100 per barrel .The OPEC was arguing hard that the oil price hike was not due to supply (or demand) factors but speculation.
There were predictions that its price was going to reach 200. It did not.
Then arrived the economic "tsunami" that resulted from the US subprime crisis and its financial and economic effects.
But in these turbulent times, did we pause and ponder on the causes of the 2008 global oil and staple foods crises? Or any lessons from it.
PS. If memory serves me right, that year, the WTO Ministers failed yet again, some say at the last moment, to reach agreement. Coincidence?
Posted via web from npthinking
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