icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Arab world unrest strikes pockets of consumers across the globe

Arab world unrest strikes pockets of consumers across the globe
Amid the ongoing unrest in the region, there have been reports from Libya that rioters are now controlling some of the key oil terminals.

They are stopping exports, and energy analysts are warning that oil prices are likely to soar further.The sharp rise in the economic prices creates a series of economic risks and could deliver a devastating blow to the fragile global economy as it struggles to recover from the global financial crisis.Some emerging economies where energy is a greater share of overall consumption are even more vulnerable.At the moment it is very difficult to make any forecasts. Oil prices have been particularly volatile in recent years and some sectors may be more affected then others. One of the worst-affected sectors is traditionally transportation.High energy prices are likely to hit ordinary consumers in the wallet too.Executive director of The Complexity Hub Dr. Orit Gal says that some of the catalysts that have fueled this whole process have been economic to begin with.“The food crisis, rising food prices [contribute to] what you see is a feedback effect: rising oil prices and rising energy prices,” she said.Rising energy prices will lead ordinary consumers with less disposable income to spend it elsewhere, rather then on fuel and transportation.

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.