» Monday, July 7, 2008

Oil Price

Asked when would the leaders be discussing the oil price and what the Prime Minister hoped to achieve from his discussions here, the PMS replied that they would be discussing the oil price tomorrow. Tomorrow morning they would be discussing the world economy, they would also be discussing the environment over lunch. The Prime Minister’s position on why oil prices were so high and what could be done about it was, as he had stated many times in the past, that what had been driving the higher oil price had been the perception that demand would continue to outstrip supply indefinitely. So as well as looking at what we could do to remove barriers to investment on the supply side, we also needed a credible commitment to reduce dependency on oil and that was why we needed to push ahead with our agenda on nuclear, and we need to push ahead with our agenda on renewables. And also critically for this meeting, and this was where the development agenda was also relevant to this, we needed to look at what more the G8 could do in terms of its support for developing countries to help move them off dependency on oil. We would hope that over time all of this would start having an effect on the oil price.

original source.

Briefing took place at 11:00 | Search for related news

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