How will the high fuel prices effect the global economy?

Question

How will the high fuel prices effect the global economy?

Answer 1

It is surely a negative overall, but there are beneficiaries such as oil exporting countries such as Canada and most certainly corporations benefitting that make good investments.  Oil, gas, oil service, coal companies are all enjoying strong profits.

Answer 2

Transportation will be most affected. Anything you buy has to get to you, somehow.

If its food from the markets and factories, it will go up in price.

If its anything coming from other countries, it will be in shorter supply and cost much more.

If its manufactured for export, it will not have the demand as before. Other countries will be in the same position.

This could be a crushing blow to international trade.

Answer 3

It will do nothing but hurt it, but this is the situation we are in so we have to deal with it.  We should have figured something out back in the 70's when we went through this problem before, but nothing happened.  I just hope it gets some new ideas flowing as far as renewable energy.  The less we, and the world for that matter, depend on oil and the cartel that runs it the better off we are.  Supply and demand is a wonderful thing as long as comparable options are available and oil is king right now with nothing else even close.

Answer 4

Everything we buy will cot more since it will cost more to make and ship around the globe.  The end consumer (us) will ultimately have to pick up the tab.