Fukuda, Brown agree to tackle rising oil, food prices at G-8 summit

Tuesday 03rd June, 05:22 AM JST

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7 Comments

DeepAir65 at 09:12 AM JST - 3rd June

Two peas in a pod - will say what you want to hear in front of the camera and then carry on doing business as usual
some14some at 04:03 PM JST - 3rd June

Regulating futures trading will solve the problem effectively and immediately, hope G-8 summit will consider it positively.
capone at 06:47 PM JST - 3rd June

regulating futures trading won't do dick...as long as demand outpaces supply, prices will remain high
some14some at 07:15 PM JST - 3rd June

capone: the fact is supply has gone up...demand is slightly up, the main fctor is speculation in oil and commodity markets. Very senstive factor that capitalist countries would not like to discuss it. But sooner or later they will have to regulate such transactions.
conqueror_of_Uranus at 07:22 PM JST - 3rd June

the fact is supply has gone up...demand is slightly up, the main fctor is speculation in oil and commodity markets. Very senstive factor that capitalist countries would not like to discuss it. But sooner or later they will have to regulate such transactions.

Very true. In fact, only 20% of the known oil deposits have been used, and with adavances in geological surveying techniques and equipment, more oil wells are being found.

Just recently, in Brazil, an oil deposit that possibly holds more oil than Kuwait and Saudi Arabia combined has been discovered.

It is fear and speculation to blame for gasoline not being 82yen a litre anymore.

More efficient refining techniques, the tecnology to build oil derricks where thought impossible, the change to natural gas from petrol for electricity.... All these were supposed to make Gasoline cheaper.
GrouchyGaijin at 10:16 PM JST - 3rd June

Speculators, fixing futures prices ten YEARS from now!
westurn at 01:54 PM JST - 5th June

Lemme see if I got this right... Currently Japan:

-Has a less than 40% food self sufficiency rating, one of the lowest in the industrialized world.

-Has some of the worlds highest food prices.

-Has recently seen food prices leap as much as 100%.

-Has instigated programs to destroy domestic crops in order to drive up food prices.

-Has currently mismanaged it's dairy industry to the point where food stuffs have disappeared from the shelves.

I ask you, is Japan in any position what-so-ever to advise or lead the world out of the current food crisis ??? LOL !