Rising oil prices fuel inflation?

Brazil meets 70 per cent of its energy needs from ethanol and many countries, including the US, are trying to catch up as they have huge farmlands available for use for crops other than grains- Lalit Sethi
Petroleum prices have started racing to $70 a barrel after staying below $60 for the better part of the winter, now coming to an end around the world. What does this portend? Does it signal that the good times are over and recession is about to be triggered in America and a number of advanced countries? The housing boom in the US is beginning to bust and a crisis is looming on the horizon. This has already created a degree of concern, if not alarm, around the world, including India.

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