Three Dead in Chile Protests: Santiago Times

Rising energy costs lead to consternation in emerging economies, especially net importers of oil as well as the many that rely on fuel subsidies. A proposed hike in subway fares by Chile's President Sebastián Piñera prompted protests that led to protests, clashes with security forces – leading to more than 300 arrests and three deaths. “The protest by students began on Monday when hundreds of young people mobbed several stations in Santiago, jumping over or dipping under turnstiles to protest a 4% increase in subway fares from about US$1 to US$1,16,” reports the Santiago Times. “Chile doesn’t produce its own oil and must import its fuel, leading to high prices for gasoline, electricity and elevated public transportation costs.” Officials suggested the increase was needed to maintain the subway system, cover rising costs of fuel even as the peso is in decline. The city suspended operations of the subway system with 41 of 136 stations or vandalized. The country is a net energy importer for 65 percent of its supply. – YaleGlobal