{"id":60122,"date":"2021-10-27T15:04:29","date_gmt":"2021-10-27T20:04:29","guid":{"rendered":"https:\/\/olduvai.ca\/?p=60122"},"modified":"2021-10-27T15:04:29","modified_gmt":"2021-10-27T20:04:29","slug":"global-food-prices-set-to-soar-as-the-oil-and-gas-crunch-continues","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=60122","title":{"rendered":"Global Food Prices Set To Soar As The Oil And Gas Crunch Continues"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Global-Food-Prices-Set-To-Soar-As-The-Oil-And-Gas-Crunch-Continues.html\">Global Food Prices Set To Soar As The Oil And Gas Crunch Continues<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\">Oil and gas prices have risen dramatically this year as a result of underinvestment and recovering demand.<\/li>\n<li aria-level=\"1\">Higher fuel prices are weighing on global food supply chains, with transportation and farming costs continuing to climb.<\/li>\n<li aria-level=\"1\">The hardest hit will, once again, be those living in developing economies that are still struggling to recover from the impact of the pandemic.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2021-10-27_f9rc2fwiqi.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2021-10-27_f9rc2fwiqi.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2021-10-27_f9rc2fwiqi.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>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.<\/p>\n<p>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\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-compliance-with-oil-cuts-slips-115-september-sources-say-2021-10-18\/\" target=\"_blank\" rel=\"noopener\">difficult to reach new OPEC targets<\/a>\u00a0as they revive their oil and gas industries, meaning the global shortage continues.<\/p>\n<p>Looking at the price of gasoline over the last 20 years, you can see that the\u00a0<a href=\"https:\/\/www.aljazeera.com\/news\/2021\/9\/30\/infographic-how-the-price-of-petrol-has-changed-2001-2021-interactive\" target=\"_blank\" rel=\"noopener\">global average has doubled<\/a>, from $0.60 a litre in 2001 to $1.20 a litre today. This year, in particular, the increase in demand as economies open back up following over a year of restrictions, added to a supply shortage across much of the world, means prices are nearing an all-time-high.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[19987,322,328,1614,1729,594,5332,13351],"class_list":["post-60122","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-felicity-bradstock","tag-food-prices","tag-fossil-fuels","tag-gas-prices","tag-oil-and-gas-industry","tag-oil-prices","tag-oilprice-com","tag-price-inflation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60122","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=60122"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60122\/revisions"}],"predecessor-version":[{"id":60123,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/60122\/revisions\/60123"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=60122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=60122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=60122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}