José Alberto López Rafaschieri and Luis Alberto López Rafaschieri
www.morochos.net
"High oil prices pose a real threat to the global economic recovery", told the International Energy Agency (IEA) recently, but it depends on the point of view. From the industrialized countries to the Third World, oil is essential for development. The problem is that this natural resource is the main source of national income for the regions that have it, mostly poor countries.
The IEA aspiration of low oil prices means more poverty for nations like Ecuador or Nigeria, and more benefits for the Group of Eight and China, the world's largest importers. That is, funding the growth of rich nations, or the "global economy recovery", at the expense of countries with high rates of poverty.
At this moment, something that really would benefit the global economy recovery is to lower the interest rates applied to loans of developing countries. That could help a lot in Greece, Africa, Asia and Latin America.
In the same manner, the technology produced in the rich countries can be sell with discount to the Third World in an selfless gesture, pulling millions out of poverty. Ah, but that is a price for the global economy recovery that the most powerful nations are not willing to pay. It is most easy if the oil producers sell at lower prices.
Everybody wants a good price for his products, whether are natural resources, money or technology. In this oil price controversy, why not apply the same standards used in the technology and financial markets? We should let the supply/demand forces set a fair price to crude oil and its derivatives, without political pressures, as happens with industrialized countries' goods.
Related articles:
