Oil-foods relation

If crude oil becomes scarce worldwide and therefore expensive, then instead of diesel-powered agricultural engines, people will often have to sow, tend and harvest agricultural products by hand again. Productivity (the ratio of factor input to output) in agriculture will fall significantly as a result. According to UN calculations, about 8 billion people, especially in poorer countries, will then no longer be able to be fed (sufficiently), which will lead to far-reaching consequences (civil wars, waves of emigration). – See biofuels, efficiency, energy-inflation link, oil inflation, oil price, purchasing power outflow, climate inflation, oil price compensation, protein inflation, commodity prices. – See ECB Monthly Bulletin, June 2008, pp. 10 et seq. (biofuels production drives up food prices), ECB Monthly Bulletin, July 2008, pp. 39 et seq. (refinery margin volatility; petroleum price-transportation link and retail profit margins, reviews).

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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