Friday, April 22, 2011
Killer Combo of High Gas, Food Prices at Key Tipping Point
Early this week, we saw the first gas prices at $4.00 in Northern Kentucky. Rising gas prices effect all consumer goods as it costs more to ship those goods as fuel prices increase. Any consumer good that requires petroleum as a raw material or in the manufacturing process also increases.
Fuel prices were first predicted to rise as a result of the Libyan conflict. According to a ranking of oil producing countries on the Huffington Post, Libya is ranked 17th. NATO forces, including the US, are spending millions of dollars on a no-fly zone to assist the rebels with no real indication of success. The media has been covering the Libyan conflict since the start but they have largely ignored the war going on in Nigeria. President Goodluck John, who is a Christian from the oil producing Delta region, is battling Muhammadu Buhari who is the former President. He is also a former military leader from the Muslim north. Nigeria is also the 12th ranked oil producing nation in the world. Why aren't we engaged there?