Difficult to Stop Increased Oil Price
The finance ministers from the G-8 countries met in Tokyo today to discus the cause of rise in oil and food prices. On the meeting the ministers concluded that there is no simple solution to prohibit the present record strong price growth.
There is however disagreement between the ministers whether it is the speculations that drives the prices upwards or not.
But after pressure from several ministers including the Italian Finance minister Giuli Tremonti the G8-ministers agreed to ask IMF to look closer at how much speculation contributes to hike the oil price upwards.
Some of the G8 members calls for financial factors such as speculations contributes to surge the oil price, while others again claims it is unlikely that this is the cause for the price surge these days. On basis of this we have asked the IMF to make a report. The finance minister of Japan Fukushiro Nukaga is of the opinion that the balance between the supply and demand is the main factor for price surge as well as other financial factors.
Nukaga states, they can not be sure and that is why they have asked IMF to look closer into the matter and see if there can be any justification for the speculation theory.
The finance secretary of US, Hank Paulson, has no faith in the speculation theory. Hank Paulson states that people look for short sighted solutions and the danger of making the main blame on speculators is that we do not seek the solutions needed now. He is of the opinion that we should invest significant amounts into fossil fuels and other alternative energy sources.
The british chancelor Alistar Darling supports him in this matter. She is of the opinion that there is no purpose letting people waiting for a report that will not bring us any steps further than we are today.
Related Tags: finance, gas, oil, forecast, g8, exploration, oil and gas, oil price, prediction, supply and demand, hydrocarbons, finance ministers
He has a background as civil engineer and geoscientist. He has worked mainly within the oil and gas industry from the mid 1980s. He has written a few fictional novels as well as being the author of some professional litterature within oil and gas sector, he is now an editor of some web sites.
www.lulu.com/stig
www.ec-ba.com
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