Weather a Bit Responsible for Global Fuel Prices

The recent storms and floods in U.S. Midwest was a record high. It drowned the corn-growing regions and at the same time a new economic because the world has become more reliant on crops like corn and palm oil for fuel supply. The aftermath of this is that the price of ethanol has gone up by 21 percent.

Though in U.S. only 6 percent transport depend on ethanol fuel, but still the rapid rise in price is not a good sign. Experts fear filure in these future crops. At the same time the cost of filling up of vehicle tank also depend on hail in Nigeria, plant fungus in Malaysia and oil-pipeline bombings in Nigeria. Earlier Hurricanes Katrina and Rita led to worst fuel disruption in U.S. It shut down refineries for weeks.

According to Lawrence Goldstein (energy analyst at the Energy Policy Research Foundation), "Our energy policy is like playing Russian roulette with every chamber loaded."