It also doesn’t help or make sense for the U.S. We need fuel to farm and to ship food and fertilizer, so rising prices at the pump automatically result in higher outlays for farmers and higher food prices. President Biden’s decision to transition the United States away from energy independency by shutting down the Keystone pipeline, 15 canceling offshore oil leases in Alaska and the Gulf of Mexico, 16 and freezing new leases and permits for federal oil and gas drilling 17 doesn’t help either. 13 A Canadian Pacific freight train carrying potash (a key fertilizer ingredient) also recently derailed in Alberta, Canada. On top of the fertilizer shortage and subsequent price increase triggered by Russia’s ban on exports, Union Pacific (a key investor in which is BlackRock) is also restricting fertilizer shipments by train, causing shipment delays and higher prices. Russia is also withholding fertilizer exports 10 in response to the EU’s decision to ban seven of the nine Russian banks from the SWIFT system, 11 and anyone who wants to buy Russian oil or gas has to pay in Rubles. infant formula shortage, precipitated by the Food and Drug Administration shutting down one of the manufacturing facilities that is part of the U.S. In March 2021, a massive container ship became wedged across the Suez Canal in Egypt - blocking “an artery of world trade,” triggering a rise in oil prices and leading to fallout that affected shipping around the globe. In 2020, wildfires also destroyed a number of farms, 7 and in in early 2022, bird flu outbreaks among poultry resulted in the culling of millions of chickens, ducks and turkey.
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