This video from the USA is called Iraq War = Higher Oil Prices.
By Andre Damon:
7 June 2008
The US economy lost 49,000 net jobs in May and the official unemployment rate shot up by half a percentage point in the sharpest month-to-month increase since 1986, according to figures released Friday by the Labor Department. Oil prices rocketed upwards the same day, posting an increase of more than $10 a barrel.
Financial markets reacted violently to these developments, with both the New York Stock Exchange and NASDAQ plunging immediately after trading opened, each closing down by about 3 percent. The US exchange rate, which had been slightly bolstered by the Federal Reserve’s hints that it might raise interest rates, fell against the euro as the oil price hit a new record.
The steep jump in unemployment — from 5.0 to 5.5 percent — came as a surprise to analysts, who had been predicting an increase rise of only 0.1 percent.
Philippines: Spiralling rice prices bring hunger to millions: here.
Bradford & Bingley: Britain’s banking crisis worsens: here.