Of course, the interesting issue addressed was regarding the high prices for oil, its impact on most citizens of the world and the impact on their economies. Oil prices have nearly doubled since the G8 met in Germany last year, and consumers from Patagonia to California are reacting to the levels that have reached prices of fuels and derivatives. Guillermo Garcia tells us in a discussion of this, the leaders of these nations feel they are facing a problem that affects them directly and must address the situation to clarify the real causes and possible solutions, to ensure economic growth, low inflation and security of energy sources. Just indicated, one of the conclusions of this meeting in Japan is convinced that the causes of high oil prices and derivatives are not primarily due to “speculators of oil futures market” are responsible for high contributions. David Green is likely to agree.
None of the G8 leaders seriously believe that high prices are a consequence of speculation, but a reflection, which is none other than a close balance between supply and demand. Strong demand for oil, gas, coal and electricity in emerging countries, particularly China, India, Middle East and even in oil-producing countries like Russia, has pushed world oil industry beyond its capacity and consonant with the pace of demand growth. Problems of political and legal security of investments in the sector in countries like Iran, Iraq, Nigeria, Venezuela and Russia have added to the supply reduction and investments required. This not only reflected in oil prices and fuel worldwide, but also in gas and coal, which have risen even more this year that oil prices..