U.S. and Britain shift the blame for high oil prices

LONDON (Reuters) – Britain and the United States blame OPEC for record high oil prices that have exacerbated a global economic slowdown, but some analysts believe the cause for oil’s run-up may lie closer to home.

British Prime Minister Gordon Brown and U.S. President George W. Bush, both struggling to boost their slumping popularity, have pressed OPEC countries to open their taps to help ease oil prices.


But some analysts believe oil is being driven more by a battered dollar, weakened by a U.S. housing market collapse and credit crunch.

“Traditionally, speculators and OPEC … are an easy scapegoat, but I think it’s totally unfair,” said Olivier Jakob, analyst at Petromatrix.

Reuters