Ecuador's president said he would lower the price of both regular gas and diesel by 10 cents in response to riotous demonstrations over soaring fuel and food prices. The fury and fear over energy prices that have exploded in Ecuador are playing out the world over. “NO ES SUFICIENTE’ — It’s not enough.

In the United States, average gasoline prices have jumped to $5 per gallon. But in many places, the leap in fuel costs has been much more dramatic. Families worry how to keep the lights on, fill the car’s gas tank, heat their homes. Businesses grapple with rising transit and operating costs.

Police in Ghana fired tear gas and rubber bullets at demonstrators protesting against the economic hardship caused by gas price increases. Hungary is prohibiting motorists from buying more than 50 liters of gas a day at most service stations. The staggering increase in the price of fuel has the potential to rewire economic, political and social relations around the world.

High energy costs have a cascading effect, feeding inflation, compelling central banks to raise interest rates, crimping economic growth. The World Bank revised its economic forecast last month, estimating that global growth will slow even more than expected. The unfolding calamity comes on top of two years of upheaval caused by the Covid-19 pandemic.
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