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Oil price increases send shock waves around the world

Like a giant economic Tsunami, the shock wave of higher oil prices continues to reverberate around the world. The impact is reflected in articles found on Websites today. From Australia, for example, theage.com reports that recent increases in oil prices have had a negative impact on agribusiness. Farmers are reporting higher production costs while global crop prices are easing. Finfacts Ireland reports on a European Commission meeting last week in which emergency stocks of petroleum were discussed and found to be adequate for now. The article said the Commission also expressed concern about future economic conditions. In the US, MarketWatch reports that the current price increases are prompted by Iran's nuclear standoff and other risks to the world's oil supply.

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