States, Canada, and the rest of the world, but these are not fully developed.
In addition, there is tremendous market potential for substituting natural
gas as a fuel for trucks and automobiles. Huge investments in the produc-
tion, liquefaction, transportation, and distribution infrastructure are still in
formation. The chart in Exhibit 5.12 shows the price of natural gas in U.S.
dollars; it is volatile, and tends to reach unbelievable peaks mainly due to
efforts by speculators to corner the market (as was done by Enron in the
late 20th century). However, if we apply the commodities indexation rule,
a different picture emerges. For example, the price of natural gas in terms of
gold or corn is more stable as shown in Exhibits 5.13 and 5.14. In addition,
one finds that the natural gas price has been stepping up every time there is
more development in the infrastructure and hence an increase in demand for
natural gas.
PRICE OF RICE
31
Rice is an important staple food in the diet of all Asian countries and most
African countries. Exhibit 5.15 shows the history of the price of rice in
EXHIBIT 5.12 Natural gas prices, 1976–2008.
118 THE ART OF ISLAMIC BANKING AND FINANCE