World response needed to oil crisis: PM

LONDON (AFP) – Prime Minister Gordon Brown warned Wednesday that the world faced a “great oil shock” that could only be addressed by urgent action on a global scale.

“The global economy is facing the third great oil shock of recent decades,” he wrote in The Guardian newspaper, amid worldwide concern and unrest over soaring prices caused by tight supplies, keen demand and the weak US dollar.

“As every country faces increased costs, it is now understood that a global shock on this scale requires global solutions.”

“The way we confront these issues will define our era,” he said.

Yahoo