United States and United Kingdom attributed the price increase to the growth of global demand, while France, Germany and Italy blame speculation. However as spanish.peopledaily.com.cn, recounts it experts warn that the weak dollar is partly responsible for the escalation of oil prices, as investors rush to buy raw materials such as oil to protect against inflation and take safe values before the battered stock market. The President of the Organization of petroleum exporting countries (OPEC) Chakib Khelil, said. that in addition to the devaluation of the USA dollar and inflation, the geopolitical context, with the existing tension between Iran and the West, and the impact of bioethanol, capable of reducing the production of diesel, also contributed to the rise of prices. In its annual report on the medium-term oil market, the International Energy Agency said that crude oil markets will remain tight in the medium term though slow economic growth and rising prices weaken demand increased.
Given that global economic growth relies much on cheap energy, the rising prices of fuel and food has overshadowed the sustainable growth. According to a report by the International Monetary Fund (IMF), the impact felt most in poor countries and income average oil import dependent, who have to deal with problems such as high inflation and poverty not helped. Some countries they are at a point of no return, revealed the director general of the IMF Khelil commenting that developing countries are facing a dilemma about how react to oil prices, because too many subsidies would be a great burden for Governments but eliminating subsidies would be unfair to the citizens. In Southeast Asia, a region overwhelmed by debt and under constant pressure by the business and financial restructuring rising fuels prices have pushed back the trend of rapid economic growth this year. A number of countries have already lowered their growth expectations for 2008.