2008-06-08 09:07:53 - A Need of an hour is to have International regulatory body to control rise in price to which Russia has evinced keen interest but fears the imperial way of dealing with the subject.

Their suggestion could bring in global regulation authorityfor marketing ,pricing the crude oil,a mechanism needed for the crude to be made available from poor countries to developed nation with their demands,a way to sustain for their subsistence and developement.

Further some nation on trade blame game for this unprecedent rise in fuel price,US blaming OPEC and Vice versa. US then crossed
on to the developing countries.US economy are shattered and are in space of inflation to stagflation.US dollar skiding against EURO dollar.

US, Europeans countries are reaching stagnant stage, Russia has just emerged from the depressed economy being the chief power house of world crude oil is also reaping rich harvest to give impetus to her economy.US economist Joseph Stiglize, a Nobel laureate said US unending war in Iraq is catalyst to these woes.US with their economy shattered wants pound of flesh from other developing economy and for their loss suffered in their uncalled venture in Iraq.

Israel Deputy Prime Minister Shaul Mofaz”s comments warning of a possible attack by Israel on Iran fanned the flame.US investment bank forcast crude to touch $ 150 per barrel in near furture added fuel to price of fuel.
Developed nation are putting the blame on chief consumers of enrgy China,India and south Korea for their glowing,growing at rapid pace of more than eight percent.With this rise bubbling economy of smaller countries may be shattered and developing retard in their jumps.

Crude oil a limited natural resource finds its importance when the Great economies of the world is having nose dive and the developing nation makes a killing. Developed and developing nation rely on one source of energy and did not explore the possible alternate source energy with diligent.

Crude oil soaring eight percent in day has attracted G8 minister to meet at Aomori in Japan along with developing nation, India,South Korea and China to meet energy chiefs from the world”s industrial powers on Sunday with their actions to help the quell of fuel markets and stave off damage to their well dressed economies.

The Ministers, Group of Eight nations namely,Britain, Canada, France, Germany, Italy, Japan, Russia and the US met in Amori in North of Japan in the morning to discuss energy price soaring late in day are to be joined by China, India and South Korea for thread bare discussion on oil and gas soaring price in International markets,subsidies thereon, energy investment and its adverse impact on climate change.

In this parlour of taking decision the absence of OPEC countries may weaken their strength of global decision.The countries toping the list energy consumers, the United States, China, Japan, South Korea and India urged oil producers and OPEC on Saturday to boost output to meet growing demand, and thereon pledging to develop clean energy alternatives and increase efficiency.

An initiative on energy saving and developing clean energy including saving plans by each country is on their agenda.On G8 call to waive off subsidies,India and China said they can raise the price gradually. India”s ambassador to Japan, Hemant Krishan Singh, who is representing the country at the talks, said it was unrealistic to abandon controls that help protect 110 crore people.

In a joint statement earlier, the participating countries called for scaling down of fuel subsidies, to be replaced wherever possible by better targeted policies for intended beneficiaries.

Crude oil price have shot up more than 11 US dollars and surged to a new record around 139 US dollars in New York trade on Saturday.

This is the biggest one-day jump of more than 8 per cent ever after smashing a series of price hurdles.