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Opinion
David Fickling

Oil Shock Has Already Started in Emerging Markets

In local-currency terms, prices have blown past financial-crisis highs.

The world’s governments handed out $105 billion of oil subsidies in 2016.

The world’s governments handed out $105 billion of oil subsidies in 2016.

Dimas Ardian/Bloomberg

With Brent crude surging north of $85 a barrel and some analysts warning that $100 is just around the corner, it’s comforting to remember that we’re still a long way from 2008, when oil hit an all-time record of $147.50.

Comforting, but wrong. For much of the world’s population, we’re already at or near the worst levels endured during the 2008 price spike.