Oil price crisis: world powers trade blame, skirt responsibility

0 Comments | AFP, June, 2008

PARIS (AFP) — Leaders of the world's major powers voiced alarm on Saturday after the unprecedented one-day hike in the price of crude, expected to jolt world economy, trading blame but taking no responsibility.

"We are in such an upward spiral that governments are being hounded by the public to do something, but the room for maneuver has been trimmed to nothing," said Francis Perrin, editor-in-chief of the monthly Arab Oil and Gas Magazine.

So they're "likely to look for a scapegoat," he said.

The price of crude, which has soared five times since 2003, hit yet a new record Friday when it spiked to more than 139 dollars a barrel, following an unprecedented one-day gain of 10.75 dollars.

A new slide in the dollar against the euro was seen as the spark,...