As everybody knows by now, fuel prices have risen substantially since the beginning of March 2026. There is a possibility that the circumstances that have led to this situation may worsen before they get better. While there is lots to discuss, there are three interesting things that can be analysed with some basic economics. First, should governments put a cap on petrol and diesel prices? Second, should governments reduce or remove fuel excise taxes? Third, are rising oil prices inflationary? For each question, there is room for debate.

While it will take some time for people to adjust to the reality of the situation, the era of globalisation is, at least for now, over. It was an interesting ride. Back in 1999, as a student, I was vaguely aware in that pre-social-media era, of the anti-globalisation protests that shook the World Trade Organisation (WTO) meeting in Seattle, Washington, a place I knew then only as the setting for the sitcom Frasier. Others, slightly older than me, probably associated Seattle with Kurt Cobain. In any case, it seemed like a world away.

What a year 2025 was for gold and silver. And what a start to 2026.

Silver ended 2024 at around $47 (Australian) per ounce. 2024 was a good year for silver. It recorded a gain of over 30 percent for the year. But that was nothing. By March 2025, Silver was over $50. It paused for breath through the middle part of the year. Then it broke free. By the end of August, it was over $60. By the end of September, it was over $70. It broke through $80 in October, slipped back a little, broke through $90 in December, then broke through $100, then $110, then $120. The year ended with silver around $109. A 132 percent gain for the year.