Oil Price Hikes Hit Poor Countries The Hardest

Iowa Climate Science Education

By Vijay Jayaraj

The fighting in Ukraine has intensified and residents are fleeing cities with Russian forces showing no signs of retreating. What does this have to do with the lives of billions of people living far away from the war? Oil price increases.

The conflict has caused an increase in international oil prices, which have now crossed $130 per barrel, a 13-year high. As a result, gas prices at pumps across the globe are set to rise even further.

Being the largest consumers of automobile fuels, motorists in the U.S. and Europe are feeling significant economic pain. However, the situation is far more serious for populations of developing countries who have a much smaller buffer against life-threatening deprivation.

Take Nigeria for example, the largest economy in Africa ($514 billion USD). Neither the size of the economy nor the presence of crude reservoirs was sufficient to protect the country…

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