Global oil prices continue to soar as governments have expressed concern

On July 18, 2006, at a gas station in Miami, USA, a woman was fueling her car. The expression of people outside the car seemed a bit helpless. As of Monday, the average price of regular gasoline in the U.S. market has risen to 2.989 U.S. gallons, which is about 67 cents more than the same period last year. According to the American Automobile Association's estimates, gasoline prices will soon break through $3 per gallon.

Despite the decline in international oil prices two days ago this week, it has remained at a high level. Sustained high oil prices continue to aggravate the unease among economic policy makers in various countries.

The South Korean government is concerned about the rise in global oil prices, but South Korea's economic growth this year will still reach the official forecast of 5%. As long as the external factors do not deteriorate, achieving the 5% growth goal is not a problem. There is no need to adjust South Korea’s economic growth forecasts based on global economic trends and domestic demand.

Kim Suk-Dong, Deputy Minister of the Ministry of Finance and Economy of the Republic of Korea, expressed concern about the soaring global oil prices on an interview on the radio on Wednesday.

It is hoped that global oil prices will no longer rise further, but the US imperialist fanaticism and other factors that disrupt world peace have already pushed the price of oil to 70 US dollars per barrel. I condemned the United States for intensifying geopolitical tensions in the context of high oil prices. I promise to divert any income from soaring oil prices to social and infrastructure development.

In a speech, Venezuelan President Chavez accused the United States of foreign policy pushing up oil prices.

The finance ministers are worried that the second round of price effect triggered by the transfer of energy costs may push up inflationary pressures. They are worried that companies are transmitting rising energy costs and may cause inflation.

Australian Finance Minister Costello’s office stated in an e-mail statement on the 19th that there is concern that energy prices may exacerbate inflation. The above statement is a response to an industry group's call for the introduction of a fuel tax in freight companies.

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