Terror attacks show world's vulnerability to oil, conference told

BONN (AFP) — Germany warned the biggest-ever conference on renewable energy that the surge in oil prices triggered by terrorism in Saudi Arabia highlighted the world's dangerous addiction to black gold.

Speaking to ministers and representatives from 154 countries, German Chancellor Gerhard Schroeder pleaded with the world to understand this risk to security and prosperity, and to diversify its energy sources accordingly.

"Overwhelming dependence on oil has enormously increased our vulnerability to this form of terrorism," he said.

"Making renewable energies a mainstream resource is imperative not just for our economies, it is imperative for security in our globalised world."

Oil prices have risen steadily in recent weeks in response to the Iraqi conflict, scaling new record highs following the attacks on foreign oil workers in Saudi Arabia.

"Higher energy prices, as is the case for oil at the moment, damage the chance for economic development," Schroeder said.

"They ...