Price of oil is famine as food plugs demand


	Price of oil is famine as food plugs demand

tabsey

2-9-2008 3:32 AM

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tags:

economics

tabsey says:

A fair summary of the world we have at this time.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8ea6dae6-9b28-4f35-bfbc-83bc8da60a98/D9E99B2E-3AA4-4A80-B6A7-5334BA43872C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://business.smh.com.au/price-of-oil-is-famine-as-food-plugs-demand/20080208-1r43.html" href="http://business.smh.com.au/price-of-oil-is-famine-as-food-plugs-demand/20080208-1r43.html" style="font-size: 11px;">business.smh.com.au</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.smh.com.au/price-of-oil-is-famine-as-food-plugs-demand/20080208-1r43.html"><P>VULNERABLE regions of the world face the risk of famine over the next three years as rising energy costs spill over into a food crunch, the US investment bank Goldman Sachs says.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.smh.com.au/price-of-oil-is-famine-as-food-plugs-demand/20080208-1r43.html"><P>"We've never been at a point in commodities where we are today," said Jeff Currie, the bank's commodity chief and oil guru.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.smh.com.au/price-of-oil-is-famine-as-food-plugs-demand/20080208-1r43.html"><P>Global oil output has been stagnant for four years, failing to keep up with rampant demand from Asia and the Middle East. China's oil imports rose 14 per cent last year. Biofuels from grain, oil seed and sugar are plugging the gap, but drawing away food supplies at a time when the world is adding more than 70 million mouths to feed a year.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.smh.com.au/price-of-oil-is-famine-as-food-plugs-demand/20080208-1r43.html"><P>"Markets are as tight as a drum and now the US has hit the stimulus button," Mr Currie said in his 2008 outlook. "We have never seen this before when commodity prices were already at record highs. Over the next 18 to 36 months we are probably going into crisis mode across the commodity complex.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/D9E99B2E-3AA4-4A80-B6A7-5334BA43872C/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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