G-8 Ministers Warn High Energy Prices Threaten Global Economy

Group of Eight finance ministers meeting in Russia say world economic growth continues, but they warned it is threatened by soaring costs for oil and gas. The ministers met in Russia’s second city of St. Petersburg, where the G-8 summit will be held next month.

The G-8 ministers called for a coordinated response to high energy costs, which they say pose a threat to economic growth around the world.

In a statement at the end of their two-day meeting, the ministers called for action both by energy-producing and energy-consuming nations, as oil prices hover around $70 a barrel.

Voice of America