Oil is still hovering at 80$ a barrel partly because the $ value has seen a slide against many currencies in recent months.
Impact on most developing economies is acute and through rise in fuel and essential commodity prices and Inflation.
Finally its happening people in developing and underdeveloped world are coming out and demanding food at reasonable prices. First it was the Burmese Monks who decided to protest against hike in prices of oil and food commodities that has widened into public protests and the Military govt using its heavy hand to crush the protests.
Now its the Moroccans who came out on the street protesting against hike in prices of Bread in particular and essential commodities in general.
Even closer to home Roti Kapda and especially a Makan have become a lot more expensive. A booming economy, heavy subsidization of oil and a pouring of $s in the economy and a galloping stock market has helped the govt control prices in India. It is common knowledge food and oil are a very sensitive subject. Elections are won and lost on food shortages. Our govt has sufficient laws including stuff like ESMA to control prices, over and above fertilizer policy and the MSP and govt stocking.
But things dont seem all that rosy, the Agri minister is more interested in Cricket and there are ominous signs of massive corruption this time in import of wheat. Plus the price of onions is going up.