How does the rising price of oil in the Middle East affect my living costs?
The turmoil in the Middle East continues to make newspaper headlines and we are constantly reminded how the effects of a political upheaval of this magnitude ripple across the world financially.
But does it matter in Hong Kong whether Libya is shipping less oil or that Saudi Arabia handed out cash to its citizens (a now familiar idea in Hong Kong) to head off protests?
The answer is an unhelpful mixture of yes and no. Yes, it is the case that, in an interconnected global economy, a disruption in one area reverberates elsewhere. Moreover, the speed of the reaction is quicker than ever before and more apparent to more people.
A rise in oil prices has direct and obvious effects on people's lives. Anyone who has refilled their petrol tank will grasp that point. In Hong Kong the impact is felt by motorists who are subject to rapid price reflexes of an oligopoly that controls supply.
And, of course, the effects spread beyond vehicle owners.
If you travel by air you will have become used to a flight fuel surcharge. If you have bought something overseas you might have noticed increased shipping costs. And you probably have seen that the price for staples such as rice is prone to steep increases, thanks to rising costs of petrochemically derived fertilisers and indeed the costs of transport.