4. Global Energy And Food Crisis: MICHAEL BERNSTAM 090226

Caption 1920 RUSSIAN POSTER DENOUNCING UKRAINE Global Energy And Food CrisisMichael Bernstam outlines a compounding global energy and food crisis. Tensions between the US and Iran have halted critical oil shipments through the Strait of Hormuz, driving Brent crude prices up. Meanwhile, European winter natural gas prices have tripled due to storages being filled only to 62%. High gas prices also restrict fertilizer production, which, coupled with Black Sea port bombings by Russia and Ukraine, has caused a spike in global grain prices. Finally, despite US interest in Venezuelan heavy crude to produce diesel, decades of local mismanagement limit production. (4)