G8 Energy Ministers Counsel Conservation

Edward Niedermeyer
by Edward Niedermeyer
g8 energy ministers counsel conservation

The G8 economic ministers met this weekend in Tokyo to talk about the price of oil. Normally this meeting of the wealthiest nations ends with a call for the little fish of the world to do their part and pump more oil in support of the cheap oil-powered big boys. According to Reuters, they've changed their tune. There's "a growing acceptance that consumer nations must find ways to temper their own demand by focusing on technology, conservation and diversification rather than hounding OPEC to pump ever more oil." Lone old-school holdout: Australian Prime Minister Kevin Rudd. Rudd urged the G8 to 'apply the blow-torch' to the Organization of the Petroleum Exporting Countries. U.S. Energy Secretary Sam Bodman ain't buying it: "There are relatively few things we can do short term." Meanwhile, back in my home state of California, we have blown through $4/gallon headed for $5/gallon. Susanne Garfield, spokeswoman for the California Energy Commission blames refinery maintenance work. Hmm, we have been hearing about maintenance supply disruptions as temporary factors for many years now, but the prices keep going up. The $99 question is whether $5/gallon is the high point, or just a stop along the way.

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  • N Number N Number on Jun 10, 2008

    Darn, with all this talk about the G8 and an outstanding Australian, I was thinking this had something to do with Pontiac.