Oil features high on G8 agenda
 09 Jun 2008
The Group of Eight (G8) summit in Japan has been dominated by discussions about soaring oil prices.
A barrel of crude oil has doubled in price over the past year and energy ministers are worried that continuous increases will squeeze businesses and consumers.
Talks to avert global economic problems such as restricted growth due to record oil price inflation included debates about fuel subsidies, taxation and supply concerns.
Crude oil leapt to a record high of $139 (£70.39) per barrel last week, rising by more than $10 on Friday in a single day
World leaders, including UK business secretary John Hutton, have urged oil producers' cartel Opec to raise production.
Analysts have suggested that speculation by investors is also driving up prices and experts have highlighted the need for energy efficiency in light of high prices.
Protests have taken place across Europe by a range of industry groups, including hauliers and fishermen who claim that they livelihoods are being threatened by current oil prices.
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