Oil price is hitting the roof. Price at the pump is above $4 per gallon and with price rising steadily everyday. Despite some of the Oil producing countries have increased production, it doesn’t seem to halt the price rise.

Who is to blame ?

Consumption is growing as BRIC nations are growing at a rapid pace. Goldman Sachs has predicted it might hit US 200 per barrel. If this happens, we are going to see a huge crisis. Already signs of working out of home for people has begun. People are not going for a long drive any more. Airlines have a big problem of keeping the price aligned to the cost of fuel. Countries like India, where Oil is controlled by its Public Sector policies, can not afford to bleed the companies and has to increase the fuel price however unpopular it gets.

Only alternative is to track the traders involved in Futures trading and plan for alternate energy . It has to happen and it is time that a change in thinking and leadership are required to address this huge crisis.

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Senator Barak Obama has claimed the democratic party nomination for running as President. He crossed the required number of delegates to win the nomination. Senator Hillary Clinton ran a strong campaign and earned almost even delegates but was overshadowed by Obama wave in convincing the Super delegates.

Who is good for BRIC nations ?

Both India and China will agree that George Bush (though not popular from the War point of view) has done good things for both the nations. George Bush’s policies has literally clamped the terrorist activities from Pakistan into India. Bush declared Dawood Ibrahim as a Global Terrorist, thus restricting his movements. All the money chains of various Jihadi organisations were sealed and monitored on a global basis. Similarly Bush has expressed that Taiwan will not demand Independence and will consider it as an integral part of China. Also the trade continued to flourish between China and US.

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John McCain definitely carries the George Bush legacy and he has to minimize spending in War and address domestic economy of US. He is a War hero and a knowledgeable man from legislative perspective.

Obama has rhetoric with him. If he can sustain this and engage an effective foreign policy, as he proposes, he could win back US popularity among Europeans, Asians, and rest of the world.

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Irrespective of who wins, BRIC Nations are in a growth phase. All they need to focus is on their reforms and set an agenda for global trade and political issues.