Oil Spike Big Threat to Global Economy

Oil Spike Big Threat to Global Economy

  

ANCHOR: Japan's trade minister says current oil prices pose a big risk to the global economy. He shared his concern during the Group of Eight energy meeting in Japan last weekend. STORY: At the opening speech of the Group of Eight energy meeting, Japanese Trade Minister Akira Amari spoke of his concern over the escalating oil price spike. [Akira Amari, Japanese Trade Minister ]: "Oil prices recently exceeded 130 dollars per barrel. I think it is abnormal and it is posing a great risk not only to energy security but also to the global economy." Just the day before the G8 gathering, oil prices rose by over $10 U.S. dollars to an all-time high, above $139 U.S. dollars a barrel -- the biggest one-day gain on record. 'Oil's Friday' jump doubled the previous one-day record, set just the day before. And extends a six-year bull run that has seen prices rise seven-fold since 2001. Meanwhile, investors and speculators see producers struggling to keep up with demand. The two-day meeting of energy ministers from the United States, Japan, South Korea, China and India comes at a time of growing public discontent. People want their governments to help out soften the blow of increased energy costs.