Blog Post 2.1 "Effects of War in Ukraine"
Economic effects of the war are beginning to be felt in the markets for oil, gas, grain and even some strategic metals. Lebanon and Egypt wonder if they will have enough grain to feed their populations. Oil prices have swung wildly since the invasion, rising to above $130 per barrel and causing gas prices in the U.S. to hit their highest level ever. 1. Why is it difficult for producers to adjust to the possible shortages of grains because of the invasion of Ukraine? Producers don't know if they will have enough grain to feed their people. 2. Where is Russia still supplying oil in the global market? Throughout Europe. 3. What are the main agricultural (farming) exports of Russia and Ukraine? Grain, barley, and sunflower oil 4. How can shortages of Russian fertilizer exports impact the production of other farming goods globally? It would make it nearly impossible to produce crops 5. How is this war indirectly impacting the costs of producing electric cars? It...