Posted on 09/07/08
Don't just exhort
Nothing better illustrates the limits of the G8's power than yesterday's call for petroleum suppliers to boost production and refinery capacity. In a world in which the demand for oil increasingly exceeds the supply, that exhortation is only a bromide, unlikely to persuade oil-producing nations such as Nigeria or Venezuela to raise their output and drive down their prices. The eight developed countries, including resource-rich Canada and Russia, which are already increasing capacity, may express "strong concern" about high commodity prices. But yesterday's summit statement resorted to a clichéd call for more energy efficiency and alternative sources of energy.
The full text of this article has 425 words.
To continue reading this article, you will need to purchase this article.
Already have a member account? Login now
Pay-Per-View Offers To read the complete article, select one of the following options
Purchasing from globeandmail.com is quick and secure.
