{"id":5133,"date":"2022-03-11T15:08:27","date_gmt":"2022-03-11T15:08:27","guid":{"rendered":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/?p=5133"},"modified":"2022-03-11T15:08:27","modified_gmt":"2022-03-11T15:08:27","slug":"rising-fuel-costs-are-crippling-africas-economies","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/2022\/03\/11\/rising-fuel-costs-are-crippling-africas-economies\/","title":{"rendered":"Rising fuel costs are crippling Africa&#8217;s economies"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.dw.com\/en\/rising-fuel-costs-are-crippling-africas-economies\/a-60964273\">https:\/\/www.dw.com\/en\/rising-fuel-costs-are-crippling-africas-economies\/a-60964273<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Sub-Saharan Africa there experiencing a record surge in fuel prices as the Russian invasion of Ukraine drives up already steep energy costs to record levels. The fuel shortage in Nigeria has lasted more than three weeks. It started after the federal government held back imports of fuel that was found to be sub-standard, causing a scarcity at filling stations. Cars and motorist here in Nigeria in many major cities are spending hours waiting in line to fill up gas. Additionally, this food shortage in Nigeria which is Africa\u2019s largest oil producer, have caused two of its largest airlines in Nigeria to have to cancel many internal flights and delayed some others this week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This is important and not good for Nigeria because the expectation is that oil-exporting countries will rake in revenues and grow their foreign reserves, while the cost of goods will rise globally. But for a country like Nigeria, which sells crude and buys refined fuel, the effects will not be as straightforward. Also this causing a direct impact on jobs as many taxi services are not working because of the fuel shortage. With there being such a large demand on oil right now and the supply has not increased prices are skyrocketing over 2 dollars more per gallon. This whole situation is getting worse with many people hoard fuel to then sell it at even higher price. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This relates to what we have been talking about in class that nations rely on each other for trades on goods when other countries stop buying from Russia, one of the three top\u00a0crude oil producers in the world, it causes fear and cuts in the oil supply making the oil market skyrocket. This shows that countries including the US are willing to pay more on fuel if that mean we show our support to Ukraine. Since Russia broke international law many countries don&#8217;t want to be involved with them at all. However, for many countries in poverty in Sub-Saharan Africa are going through economical crisis. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/www.dw.com\/en\/rising-fuel-costs-are-crippling-africas-economies\/a-60964273 In Sub-Saharan Africa there experiencing a record surge in fuel prices as the Russian invasion of Ukraine drives up already steep energy costs to record levels. The fuel shortage in Nigeria has lasted more than three weeks. It started after the federal government held back imports of fuel that was found to be sub-standard, causing a scarcity at filling&#8230; <a href=\"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/2022\/03\/11\/rising-fuel-costs-are-crippling-africas-economies\/\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":199,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5133","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/5133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/users\/199"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/comments?post=5133"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/5133\/revisions"}],"predecessor-version":[{"id":5138,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/posts\/5133\/revisions\/5138"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/media?parent=5133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/categories?post=5133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/subsaharanafricablog\/wp-json\/wp\/v2\/tags?post=5133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}