rising global oil prices-- draining d economy
rising oil prices
There is an upraor in the world economy these days. The rising prices of oil have put a drain on many economies. With the price of fuel-- the most essential of all commodities-- increasing significantly, most of the less rich countries are finding it difficult to cope with the crisis.
This has set a spiral -- with prices of almost all commodities rising skyhigh, because of the added transportation cost. However, the governments of the developing economies are worried about the inflationary trend of oil in the global economy, making it difficult for them to sustain their economy.
With the ongoing modernisation of economies, the development spree is adding to the burden, with the need for fuel increasing day by day. Is this becoming a drain on the economies of many countries?
Certainly yes! even the biggest superpower is worried about it. With the price of a barrl of oil touching $130, it is expected to touch $150 in the coming days. I have no answer as to what should be done to control this ongoing trend. One option is to increase the usage of LPG instead of oil for household use. Is it a feasible option?