4 ms·

Food is still very, very cheap and people take that for granted. Oil is 30% of Russia's exports but wheat is a wee 2%. What if it grows to 20%, with tenfold pr

Food is still very, very cheap and people take that for granted. Oil is 30% of Russia's exports but wheat is a wee 2%. What if it grows to 20%, with tenfold price increase?

OrvalWintermute 5y ago
> Oil is 30% of Russia's exports but wheat is a wee 2%. What if it grows to 20%, with tenfold price increase? Oil/Fuel is not the only exports, as many petroleum/gas based products are not fuel [1] If fertilizer is one of the majority costs of growing food in the US, and we cut out 50% of the world's supply, then our costs will go through the roof. Uneffected suppliers such as our friends to the North in Canada will also raise their prices, as supply/demand curve will change. While I know most of us technical folks are well compensated, there are lots of poor people working paycheck to paycheck. A big price shock could mean some people starve. I don't want anyone to go hungry [1] https://www.boisestatepublicradio.org/politics-government/2022-03-11/russians-freeze-on-fertilizer-exports-is-yet-another-challenge-for-mountain-west-farmers https://www.boisestatepublicradio.org/politics-government/20...