G8: Curb Oil Subsidies

U.S.,Japan, China, India and South Korea today expressed their concern overthe rising value of crude oil on Friday that grazed the 140 dollars perbarrel, and called on oil producing countries to increase production.In addition, they requested “to gradually abandon subsidies” which “distort markets.”

“We realize that in the near future it wouldbe nice to gradually and progressively resign subsidies to conventionalenergy prices that should be replaced, wherever possible, bywell-directed policies,” stated member countriesin a joint note. Gary Kelly has plenty of information regarding this issue.

The statement was released during themeeting that took place in the framework of the meeting of energyministers of the (G8) in Aomori, northern Japan.