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Crude oil prices are skyrocketing, resulting in severe setbacks to emerging economies such as India and China. Is it a ploy of OPEC countries that may not be able to stomach the recent spectacular growth in the erstwhile under-developed countries? International agencies such as the IMF and the World Bank should analyse the continuous upsurge in oil prices and take corrective measures.

Already, countries such as the US are blaming India and China for the sudden spurt in food prices. Perhaps, the developed nations are worried about their sluggish economies, and cannot reconcile themselves to the sudden growth of the emerging Asian giants!

B. N. Bharath Bangalore

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