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Originally posted by Keyhole
In that report, back in 2006, the Senate Subcommittee reported how speculation was the driving force pushing gas and oil prices higher, and yet they DID NOTHING!
Originally posted by slackerwire
Lets be honest here, people certainly don't NEED oil. It is basically a luxury. Almost a necessity given todays situation with everything being spread out over large areas, but oil isn't necessary to life.
They pay for it at the pump, with gasoline at a record $3.42 a gallon. They get hit by fuel surcharges when they book airline flights. Higher fuel prices are a major reason for rocketing food prices
It's easy to see the impact of record-high crude oil prices at the gas pump.
But what about other areas of the economy?
Anywhere you turn in Hawaii, it's hard to not notice the rising cost of everything from gasoline to groceries.
"You see it at the gas pump, and that's the wake-up call, but it also shows up in the processing costs for food and other manufactured items that are produced elsewhere, but that we then import," said Paul Brewbaker, chief economist for Bank of Hawaii.
Experts say soaring global crude oil prices are among the factors to blame for Asia's food inflation. Higher fuel prices directly translate into an added burden for the region's poor through, for example, higher fares on public buses which are often people's only mode of transport.
In Indonesia, higher fuel costs mean a rise in the price of kerosene which is widely used by the poor for cooking.