[Peakoil] G8 warns of high fuel prices this year

[Jenny Goldie]

[from news.com.au]

G8 warns on high fuel prices
From: Agence France-Presse 
>From correspondents

February 13, 2006 

Group of Eight (G8) finance chiefs have wrapped up "stormy" talks at a hotel near Red Square in Moscow, warning that wild energy prices threaten prospects for solid world economic growth in 2006.

Oil prices and energy security dominated Russia's first hosting of G8 policymakers from Britain, Canada, France, Germany, Italy, Japan and the United States. 
"Overall global growth remains solid and this is expected to continue in 2006," the G8 finance ministers said in a final communique released after heavily guarded, closed-door talks. 

"Risks remain, including high and volatile energy prices," the major economic powers warn. 

In a bitterly cold Moscow, the Russian authorities laid on strict security for the meeting. 

Sidewalks around the hotel, overlooked by the towering spires of the Kremlin, were blocked off to the public and guarded by police with dogs. 

 

Army trucks were seen delivering police reinforcements. 
High oil and gas prices have delivered a windfall to Russia, the world's second biggest oil exporter, giving it greater economic clout than in the past. 

However, Russia's G8 partners were deeply concerned when Moscow turned off natural gas supplies to Ukraine in January to push through sharply higher prices. 

Kiev complained the demand was politically motivated. 
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