Home>News Center>World
             
     

    G-7: Higher oil prices are a headwind
    (Agencies)
    Updated: 2005-04-17 09:46

    WASHINGTON - Amid fresh jitters from Wall Street, finance officials from the world's industrial powers said Saturday surging oil prices could crimp the economy and they pledged to limit the fallout.

    An intense discussion of the energy situation dominated the meeting attended by representatives from the United States, Japan, Germany, France, Britain, Italy and Canada.

    "Higher oil prices are a headwind" and the global economic expansion "is less balanced than before," the finance officials said in a joint statement. They urged producers to increase energy supplies and said countries should conserve more.

    World Bank President James D. Wolfensohn, right, International Monetary Fund Managing Director Rodrigo de Rato, second right, European Union Central Bank Governor Jean-Claude Trichet, third right, Federal Reserve Chairman Alan Greenspan, left, and US Treasury Secretary John Snow, second left, listen to opening statements at the start of the G-7 ministerial meeting, Saturday, April 16, 2005, in Washington. (AP
    World Bank President James D. Wolfensohn, right, International Monetary Fund Managing Director Rodrigo de Rato, second right, European Union Central Bank Governor Jean-Claude Trichet, third right, Federal Reserve Chairman Alan Greenspan, left, and US Treasury Secretary John Snow, second left, listen to opening statements at the start of the G-7 ministerial meeting, Saturday, April 16, 2005, in Washington. [AP]
    The Group of Seven countries endorsed more timely and accurate information about the oil market, which officials said could help control price fluctuations and make companies more willing to expand production.

    The statement underscored finance officials' resolve to deal with the energy situation and reassure financial markets that the G-7 is on top of the matter.

    The private talks a few blocks from the White House followed Wall Street's worst session in nearly two years. The Dow Jones industrials plunged 191 points on Friday as investors worried about high oil prices and the strength of U.S. economic activity.

    In addition to the G-7 discussions, the 184-nation International Monetary Fund and World Bank were holding meetings this weekend.

    At a news conference wrapping up the IMF's policy-setting committee, British Chancellor of the Exchequer Gordon Brown said concerns about surging oil prices also figured prominently in their discussions.

    The IMF panel concluded that efforts need to be made to boost supplies, including greater use of alternative energy sources. "We recognize that the volatility of oil prices and particularly the high level in recent months could have a damaging effect on growth," Brown said. "We do believe there are measures that can be taken to make for a more efficient oil market."

    U.N. Secretary-General Kofi Annan told international finance officials Saturday evening that developing countries could be encouraged to support efforts to prevent terrorism and nuclear proliferation if they received support from rich nations for more assistance and a greater voice in global affairs.

    "Developing countries are more likely to support those vital and human rights objectives if they see that donor countries are willing to make greater effort for development and to give them a stronger voice in global economic governance," Annan said in prepared remarks.

    Under tight security, several hundred people pressed for greater debt relief for impoverished countries and voiced opposition to the selection of Paul Wolfowitz, deputy defense secretary and an architect of the Iraq war, to run the World Bank. He starts on June 1.

    The G-7 statement endorsed the goal of fully canceling debt for such countries. But officials have yet to resolve differences between competing plans from the United States and Britain.

    "Once more the G-7 have chosen delay," said Jonathan Hepburn, policy adviser for Oxfam International, a supporter of expanded debt relief.

    The Bush administration also used the G-7 meeting as an opportunity to pressure China to overhaul its currency system. The finance officials advocated "flexibility in exchange rates" — the phrase they have used before to prod China.

    The United States wants China to stop directly linking the yuan to the dollar. Treasury Secretary John Snow said it was now time to act. "The next step is to do it," he said, rejecting claims by Beijing that it is not ready for the switch.

    The administration has come under fire from members of Congress and U.S. manufacturers to take a tough line against China. Critics contend China's currency system hurts U.S. exports and has contributed to the loss of millions of jobs in American factories.

    France's finance minister, Thierry Breton, said that in the G-7 group's discussion, "it was clear that the yuan is undervalued and there was a consensus that China has to address this."

    Chinese finance officials accepted invitations to attend the two previous G-7 meetings. But they skipped this session, an apparent signal they did not want to be lobbied more intensely on the currency issue.

    Energy prices were a concern at the last G-7 meeting in February and the one before that, but little action has resulted.

    Snow acknowledged that G-7 statement itself "won't do much about the fundamentals for demand and supply of oil." But he said the statement should signal to the financial community that "the G-7 is monitoring the situation."

    In the United States, oil prices surged to an all-time high of $57.27 a barrel at the beginning of April. They hovered above $50 on Friday.

    "These energy prices are too high. ... They call out for action," Snow said.

    Snow urged Congress to pass President Bush's stalled energy bill, which would open an Alaskan wildlife refuge to oil exploration. Bush used his Saturday radio address to make the same point, saying U.S. families and small businesses are feeling the pinch from rising gasoline prices.

    "Oil prices pose the biggest growth risk at the moment," said Germany's finance minister, Hans Eichel. "Prices are high and volatile" which produces "an element of insecurity."

    For now, energy prices are expected to slow economic growth modestly this year in the United States and elsewhere. "The outlook continues to point to solid growth for 2005," the finance officials said in their statement.

    Still, they stressed the need for the United States to address its surging budget deficit and for Europe and Japan to deal with workplace barriers that are restricting economic growth. "Vigorous action is needed to address global imbalances and foster growth," they said.



     
      Today's Top News     Top World News
     

    Iraq's Sunni militants take 100 Shiites hostage

     

       
     

    China assures Japan, secures missions

     

       
     

    EU fails to reach deal on lifting arms ban

     

       
     

    G-7: Higher oil prices are a headwind

     

       
     

    China becomes world's 3rd largest exporter

     

       
     

    Chinese anxious to visit land down under

     

       
      Iraq's Sunni militants take 100 Shiites hostage
       
      World officials to confront economic woes
       
      Sunni cleric urges insurgents' pardon
       
      DCF: Terri Schiavo not abused, exploited
       
      Ecuador supreme court fired, quito in emergency
       
      Paris hotel fire kills 20, half of them children
       
     
      Go to Another Section  
     
     
      Story Tools  
       
      News Talk  
      Are the Republicans exploiting the memory of 9/11?  
    Advertisement
             
    免费A级毛片无码无遮挡| 国产成A人亚洲精V品无码性色| 人妻少妇精品无码专区动漫 | 亚洲AV永久无码精品一区二区 | 国产精品无码成人午夜电影| 亚洲国产综合精品中文第一区| 波多野结衣中文在线| 中文字幕无码播放免费| 最新无码A∨在线观看| 无码人妻精品一区二区三区夜夜嗨| 成人免费无码H在线观看不卡 | 中文字幕一区二区三区在线观看| 国产中文字幕乱人伦在线观看| 亚洲AV无码专区日韩| 91久久精品无码一区二区毛片| 国产区精品一区二区不卡中文| 无码av免费一区二区三区试看| 无码午夜人妻一区二区三区不卡视频| 中文字幕精品无码一区二区 | 日韩人妻无码精品专区| 伊人热人久久中文字幕| 99久久无色码中文字幕| 超清无码无卡中文字幕| 曰韩精品无码一区二区三区 | 最近免费中文字幕mv在线电影| 色婷婷综合久久久中文字幕| 中文字幕久久久久人妻| 无码H肉动漫在线观看| 色综合久久最新中文字幕| 人妻中文无码久热丝袜| 中文字幕人妻色偷偷久久| 一本一道av中文字幕无码| 欧美巨大xxxx做受中文字幕| 亚洲中文字幕日本无线码| 中文字幕人妻色偷偷久久| 天堂新版8中文在线8| 最近中文字幕高清免费中文字幕mv| 亚洲中文字幕无码专区| 亚洲动漫精品无码av天堂| 精品久久久久久中文字幕人妻最新 | 婷婷综合久久中文字幕蜜桃三电影|