Energy Chiefs of G8 Countries Meet as Oil Prices Soar
June 8, 2008
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As oil prices continue to soar, the energy ministers of the G8 group of rich countries are meeting today in Japan to discuss how to deal with the urgent energy crisis. 
The meetings were launched by the Japanese energy minister, who said that if they did not take swift action to slow the rising energy prices, it could trigger a global recession. Representatives from China, India, and South Korea also attended the meetings. These 11 countries represent 65% of worldwide energy consumption and greenhouse gas emissions.
This past Friday, oil prices made their biggest increase in history, rising $11 to over $138. This came on the same day that the US announced higher unemployment numbers, further adding to recessionary fears.
However, greens everywhere will be disappointed with the content of the discussions. All countries seemed more concerned with bringing down oil and energy prices through increased production and urged OPEC to raise their output. Global oil production has remained roughly constant since 2005 while demand has increased with the rapid economic growth of China and India.
A far better solution to the pending energy crisis would be to help countries, companies, and individuals cut their carbon footprint, thus reducing demand for oil. Although energy ministers vowed to diversify their energy sources to include more alternative and renewable sources.
The unfortunately reality is that it can take several years to increase the capacity of renewable energy sources. But while we wait for that and work to ramp up production in areas such as solar and wind power, there needs to be a renewed emphasis on energy efficiency. The most basic changes can have huge impacts when done by millions of people. Simple measures like more use of energy efficient light bulbs, better water usage, or recycling more can be implemented today at relatively low cost, but has yet to be done. See our Top 10 List of the easiest and most effective ways to quickly cut your carbon footprint. While individuals must bear some of the blame for this, companies and governments around the world must put much more emphasis on this if they want to bring energy prices down in the near future.
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