> 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.
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/20...