UK seeks to change perceptions at oil conference
Regional-UK, Economics, 6/16/2008

UK Prime Minister Gordon Brown confirmed Monday that he would attend this Sunday's oil summit in Jeddah, Saudi Arabia, where he hopes to change perceptions about the world's dependency on oil.

"I think there is a view developing that the price of oil is increasing dependent not just on supply and demand but about what people perceive as demand outstripping supply" in both the short and long term, Brown said.

In Jeddah, he said that he wanted to tell the Saudi king that the world would build more nuclear plants, believing that 1,000 more were needed over the next 30 years.
The British premier said he would also say that the world would use more renewable and alternative sources and make better use of oil.
Speaking at a joint press conference with US President George W Bush, he said he wanted an enhanced dialogue between oil producing and consuming countries as part of a process on the most worrying problem over the trebling of oil prices.

His confirmation of his attendance at the Jeddah summit came as the price of crude oil hit a new record high of nearly 140 dollars per barrel on the New York futures market.

It also coincided with filling stations in Britain being forced to close down due to a shortage of fuel supplies caused by a tanker drivers strike.

Meantime, on the major oil producing countries' side of the equation where the high price of oil can be positive, Iranian officials warned on Monday that dependence on oil brings catastrophe for any country, and when any country's income that is tied to domestic and foreign polices is disrupted it will lead to nationwide crisis.

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