{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='World - Economy and Oil Prices' data-url='/boclips/videos/5c54c035d8eafeecae14906c' data-video-url='/boclips/videos/5c54c035d8eafeecae14906c' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nWorld - Economy and Oil Prices\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eTokyo - 21 May 20081. Various of market indices boardVarious fileFILE: New York Stock Exchange  - Date unknown2. Wide of Mercantile ExchangeFILE: Parshall, North Dakota - 2 May 20083. Various of oil rig in productionMarseille - 2 June...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eTokyo - 21 May 2008\u003cbr/\u003e1. Various of market indices board\u003cbr/\u003eVarious file\u003cbr/\u003eFILE: New York Stock Exchange  - Date unknown\u003cbr/\u003e2. Wide of Mercantile Exchange\u003cbr/\u003eFILE: Parshall, North Dakota - 2 May 2008\u003cbr/\u003e3. Various of oil rig in production\u003cbr/\u003eMarseille - 2 June 2008\u003cbr/\u003e4. Close up of Total oil tank at refinery site in La Mede, west of Marseille\u003cbr/\u003e5. Wide of trucks blocking access to Total site\u003cbr/\u003eLondon - 3 June 2008\u003cbr/\u003e6. Wide of demonstrators outside Department for Environment Food and Rural Affairs (DEFRA) office\u003cbr/\u003e7. Pan across of demonstrators holding banners\u003cbr/\u003eCalcutta - 4 June 2008\u003cbr/\u003e8. Protesters from opposition Trinamool Congress Party at rally against fuel price hike chanting with flags and effigy \u003cbr/\u003eBrussels - 18 June 2008\u003cbr/\u003e9. Various of tractors moving along road, children waving\u003cbr/\u003e10. Pan left of long line of tractors in city\u003cbr/\u003e11. Various of truckers gathered at protest meeting point UPSOUND Horns\u003cbr/\u003eWorld stock markets plunged because of renewed concerns about inflation and rising oil prices together with the woldwide credit crunch. \u003cbr/\u003eIn June crude oil futures topped 140 US dollars a barrel as investors shrugged off Saudi Arabia's promise to boost production and instead focused on a weaker dollar. Light, sweet crude for July delivery soared to a trading record of 139.89 US dollars before retreating to trade up 2.10 US dollars at 136.96 US dollars a barrel on the New York Mercantile Exchange. Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is a major factor behind oil's doubling in price over the past year. Saudi Arabia, the world's largest oil producer, told the United Nations over the weekend that it would boost output by 200,000 barrels a day, or by 2 percent, from June to July. In May, the kingdom raised production by 300,000 barrels a day.\u003cbr/\u003eOn June 2nd dozens of truck and bus drivers and around 100-taxi drivers gathered outside an oil refinery in La Mede, near Marseille, France, in protest against the rising cost of fuel. Trucks, taxis and buses blocked the entrance to the refinery in protest as their drivers stood on the pavement nearby. Bus and truck drivers kicked off the blockade at around 2030 GMT on Sunday evening. Marseille's taxi drivers joined the protest hours later on Monday morning. Truck union spokesperson, Philippe Fournier told AP Television the protesting truck drivers would stay \"until the government makes some proposals, not promises, because we have had many promises in the past.\"\u003cbr/\u003e\"Today he (referring to French President Nicolas Sarkozy) is in charge of gas prices and he is also in charge of electricity prices, and he says that he can not deal with oil prices. That goes totally against the truth,\" Fournier said.\u003cbr/\u003ePresident of Marseille's taxi union, Jean Gammicchia said drivers have a lower capacity to earn a decent wage due to the rising fuel costs. \u003cbr/\u003eOn June 3rd fisherman from various European countries gathered outside the Department for Environment Food and Rural Affairs (DEFRA) in London to protest against European Union (EU) fishing quota and high fuel prices. British, French and Italian fisherman demonstrated together, showing their discontentment over the increasing price of oil affecting the food industry across all sectors. The Chief Executive of the National Federation of Fishermen's Organisations (NFFO), Barrie Deas, said they were having a meeting with British ministers where they would \"request a support package, a short term support package, whilst we discuss the longer term.\"\u003cbr/\u003e\"We know we have to adjust to an era of high fuel costs but the point is that we need to do that in an orderly fashion,\" he said.\u003cbr/\u003eThe protest was timed to coincide with a meeting between fishing industry leaders and UK Fisheries Minister Jonathan Shaw and Scottish Fisheries Minister Richard Lochhead at DEFRA today to discuss the issue, the British news agency Press Association reported. \u003cbr/\u003e\"We're not asking for huge huge payouts, we're asking for some parity with our counterparts in France, Spain, Portugal,\" NFFO chairperson Elizabeth Stevenson told AP Television at the protest. \u003cbr/\u003eOn June 5th Indians across the country protested a hike in fuel prices with schools and businesses shuttered and flights and trains cancelled in worst-hit eastern India. In the capital, New Delhi, both right-wing and left-wing parties took to the streets against increases in prices for gasoline, diesel and cooking gas ordered a day earlier by India's federal government. Prices for fuel increased about 11 percent in Delhi, and by varying amounts elsewhere. The fuel price hike is expected to send prices of food, transportation and other essentials higher across the board, piling further inflationary pressure on India. India's inflation is currently at eight percent.\u003cbr/\u003eThe most pronounced protests were in India's West Bengal state, where schools and businesses were closed and flights and trains cancelled. Officials said the soaring price of oil forced them to raise fuel prices because the government was losing (b) billions of dollars covering the losses of state-owned oil companies that monopolise  India's domestic fuel market. India imports nearly 75 percent of the crude oil it needs, and it controls domestic prices of all fuel products, from gasoline to cooking gas.\u003cbr/\u003eOn June 18th hundreds of farmers, truckers and taxi drivers blocked roads into Brussels, a day before an EU summit to push leaders for help coping with skyrocketing fuel prices. Convoys of taxis and truckers already were barring parts of Brussels' inner ring road, wreaking traffic havoc.  Police said they were bracing for up to 1-thousand protesting trucks, tractors and taxis in central Brussels. The protesters, echoing recent demonstrations elsewhere in Europe and around the world, argue that the high fuel prices threaten their livelihoods.  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