Oil-rich nations' duty to help subsidise food

Document Type

Newspaper article

Source Publication

South China Morning Post

Publication Date


First Page



Iranian President Mahmoud Ahmadinejad was reported as having said that the price of oil, at US$115 a barrel, is too low and that, as a strategic commodity, it should find its real price, presumably at a higher level. When adjusted for inflation and the depreciated US dollar, he added, the price of oil is currently less than it was in 1980.

This is not true. By my calculations, the price of oil at US$100 a barrel today would roughly correspond to that in 1980, in terms of purchasing power.

Publisher Statement

Copyright © 2008 South China Morning Post Ltd.

Recommended Citation

Ho, L. S. (2008, April 23). Oil-rich nations' duty to help subsidise food. South China Morning Post, P17.

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