Oil falls back below $100 a barrel after G7 ‘stands ready’ to release emergency oil reserves – business live
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Research show that poorer people are hit hardest by surging oil prices.
As our economics editor Heather Stewart wrote yesterday:
Recent research published by economists at the University of Massachusetts Amherst identified energy, along with food and agriculture as among the commodities that had “a disproportionate capacity to increase inequality when their prices rise”.
Where there are benefits, these are narrowly shared. Another striking recent paper showed that after the 2022 oil price surge in the US, 50% of the windfall benefit from higher prices in the sector went to the wealthiest 1% of individuals, via the stock market. The bottom 50% of people received only 1%.
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© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters

© Photograph: Brendan McDermid/Reuters