Dangers of the 3rd Oil Crisis


By Prof. Enos M.R. Kiremire

– The looming serious world-wide dangers of the creeping 3rd oil crisis – imminent global economic recession.

A few days ago, CNN announced that the price of petrol skyrocketed exponentially. The price of crude oil went up to US$120 per barrel, compared to US$20 per barrel in September 2001. This is an incredible price increase of 500% in about 7 years.

The impact of this is currently being felt worldwide. For instance, the price of fuel in Namibia was increased to N$8 per litre (Namibian 10th April, 2008) and electricity went up by 18% (Namibian 16th April, 2008).

According to the CNN, the food prices have, on average, also gone up by 45% world-wide. In Africa, there have been demonstrations against food price increase in Egypt, C??????’??


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