G8 ups heat on oil states as energy prices soar (Reuters)

G8 increase pressure on oil producing countries to increase production and ease off high oil price. Comments : Consuming countries seem to miss a large factor in the increase of oil prices and that is the under-investment, in particular in the USA, in refining capacity. There has not been a single new refinary in USA for over 25 years. Majority of producing countries are or close to their maximum production.