G-7 ministers seek ways to tame rising energy prices

The Group of Seven (G-7) finance ministers and central bank governors would investigate ways to control surging energy prices at a meeting in Washington today, the US Treasury said.

Officials from G-7 countries, which account for two-thirds of the world economy, will discuss “supply deficiency issues”, the need for greater market transparency, and the effect of record energy prices on emerging markets, Under Secretary for International Affairs Tim Adams said in Washington ahead of the meeting.

…The G-7 is responsible for just 16% of the world’s oil production and only 5% of its reserves.

Business Day