Post Wire Services
June 8, 2008
The US and four other industrialized nations yesterday called on oil producers to increase their output to counter soaring prices threatening the world economy.
Speaking at a world-energy summit in Japan, US Energy Secretary Samuel Bodman joined leaders from Japan, India, China and South Korea in saying oil production has stalled, but economic growth has increased demand.
Not helping oil prices are Mideast tensions, which escalated yesterday. The Iranian ambassador to the UN demanded the Security Council take action against Israel following an Israeli official's comments Friday that an attack on Iran's nuclear facilities may be "unavoidable."
