Oil-rich nations' duty to help subsidise food
Document Type
Newspaper article
Source Publication
South China Morning Post
Publication Date
4-23-2008
First Page
P17
Abstract
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.
Language
English
Recommended Citation
Ho, L. S. (2008, April 23). Oil-rich nations' duty to help subsidise food. South China Morning Post, P17.