This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/uk_politics/7791269.stm

The article has changed 5 times. There is an RSS feed of changes available.

Version 1 Version 2
Brown warns on volatile oil price Brown warns on volatile oil price
(20 minutes later)
Volatile oil prices remain a threat to the global economy, Gordon Brown has warned, following the sharp fall in prices in recent months.Volatile oil prices remain a threat to the global economy, Gordon Brown has warned, following the sharp fall in prices in recent months.
Mr Brown is addressing a meeting of energy ministers in London arranged this summer at a time when oil prices had soared to near $150 a barrel. In a speech to an energy summit in London, Mr Brown said the "wild fluctuations" in prices in recent months had damaged the global economy.
The economic downturn has since pushed prices back down to below $40. He called for improved regulation of oil markets to stabilise prices and investment in clean energy technology.
Mr Brown said the "wild fluctuations" in oil prices seen in recent months were damaging to the global economy. Prices have tumbled from close to $150 a barrel to $40 in the past six months.
He said the high prices of recent years had stoked inflation and forced governments to keep interest rates much higher than would have otherwise been the case, holding back growth. Mr Brown told energy ministers that the high oil prices of recent years had stoked inflation and forced governments to keep interest rates much higher than would have otherwise been the case.
"It is clear that our most pressing challenge is price volatility," he said. "Wild fluctuations in prices harm nations all around the world." This had hurt families and businesses, particularly in developing countries dependent on oil imports.
Mr Brown also proposed measures to increase the transparency and regulation of international oil markets. "It is clear that our most pressing challenge is price volatility," he said.
"Wild fluctuations in prices harm nations all around the world."
'Less volatility''Less volatility'
Mr Brown offered to stage the meeting earlier in the year when prices were seen to be at critically high levels close to $150 a barrel.Mr Brown offered to stage the meeting earlier in the year when prices were seen to be at critically high levels close to $150 a barrel.
All of us have an interest in less volatile oil markets that function more effectively Ed Miliband It would be a huge mistake to fall back on the old ways of the past Gordon Brown
The meeting is a follow-up to June's gathering of oil ministers in Saudi Arabia which Mr Brown also attended.The meeting is a follow-up to June's gathering of oil ministers in Saudi Arabia which Mr Brown also attended.
Conditions in the global economy have changed dramatically since then, however, forcing oil producers group Opec to cut production levels in an effort to stabilise pricesConditions in the global economy have changed dramatically since then, however, forcing oil producers group Opec to cut production levels in an effort to stabilise prices
Despite the recent price fall, Mr Brown said there was still a threat of them rising sharply again once the economy recovers and it was in everyone's interest to have a more stable price.Despite the recent price fall, Mr Brown said there was still a threat of them rising sharply again once the economy recovers and it was in everyone's interest to have a more stable price.
He called for a "new partnership" between oil producers and consumers, saying the "visionary internationalism" that had been displayed in dealing with the global banking crisis must be applied to the world's future energy challenges.
"It would be a huge mistake to fall back on the old ways of the past."
Experts are concerned that falling prices, combined with the economic downturn, will discourage oil companies from investing in new sources of oil needed to meet future demand.Experts are concerned that falling prices, combined with the economic downturn, will discourage oil companies from investing in new sources of oil needed to meet future demand.
Some believe prices could still top $200 a barrel in the long term. Some believe prices could still top $200 a barrel in the long term as demand for oil outstrips supply.
Much of the focus of the meeting is on clean energy, particularly developing new technology to reduce carbon emissions.Much of the focus of the meeting is on clean energy, particularly developing new technology to reduce carbon emissions.
Mr Brown urged the wealthy oil-producing Gulf nations to invest more in areas such as carbon capture and storage, calling for a "new partnership" between oil producers and consumers. The prime minister urged the wealthy oil-producing Gulf nations to invest more in areas such as carbon capture and storage, as a way of diversifying beyond oil.
He also announced £25m in funding for developing countries to invest in low-carbon initiatives, as well as measures to increase the transparency and regulation of international oil markets.