Russia’s invasion of Ukraine has rattled the global economy, creating a volatile stock market and sending oil and gas prices to unprecedented levels.
High gas prices are in turn raising the price of fertilizer, which is crucial for the nutrients in crops that billions of people need to live.
But problems were brewing even before Russian tanks rolled into Ukraine, with fertilizer prices surging to historic highs because of higher input costs and supply chain issues. Peter Zeihan, a geopolitical analyst and author, told FOX Business the world was on the verge of "the worst fertilizer situation in modern history in terms of supply" before the Russians rolled into Ukraine.
Zeihan forecasted that the crisis will hit Brazil, Africa, the Middle East and South Asia the hardest as they will likely see significantly lower yields "than what is necessary to support the global population." "And as food prices rise, as they’ve been for the last two weeks – and pretty sharply – farmers will do what farmers do. They will plant what they think that they can grow for the greatest bang for their buck," Zeihan said.
A view of damaged regional police station building after a Russian missile attack in Kharkiv, Ukraine on March 2, 2022.
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