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Published:June 16th, 2008 20:35 EST
International Rising Gas Prices is in the Works: What Will Prices Be In 2012

International Rising Gas Prices is in the Works: What Will Prices Be In 2012

By Garrett Godwin

NEW YORK:  Secretary-General Ban Ki-Moon just accepted the choice by Saudi Arabia`s King Abdullah to set up a meeting of the world`s top oil producers in talks of dealing with the increasing rise of gas prices at over four dollars per gallon.

2012

In Jeddah after following meeting with the Saudi Arabia monarch and several officials, Ban stated to reporters yesterday that Abdullah has "acknowledged that the current oil price is abnormally high, due to speculative factors, and he is willing to do what he can to manage the price of oil to adequate level."

"I am grateful", he continued, "that the King intends to convene a high-level meeting of major oil producers and consumers on this issue next weekend in the kingdom.  We also expect that His Majesty the King and His Government will take the necessary measures to stabilize the price of oil."

Saudi Arabia just recently announced the boosting of its oil production by 200,000 barrels a day starting next month in an effort to deal with the rising demand. 

After two days in the Kingdom, Secretary-General Ki-Moon stated oil prices is having an imporant impact as food is being expensive to buy, which is a concern being shown by several world leaders during a recent summit held in Rome to talk the global food crisis -- decreasing the ability "to address climate change issues", he said, adding that the issues of food costs, fuel prices and climate change should be discussed in an comprehensive manner.

Source: United Nations (www.un.org/news)