The Long Called-For Energy Summit?

Since 2003 and the debacle at the UN over how the big power groups should divvy up Iraq's oil resources, Latin & Hellas has been arguing in favor of a world energy summit to decide on the what is probably the most import issue facing the global economy in a relatively more peaceful manner.

Now that some of the countries of early industrialization may be heading into a recession in 2007, perhaps such a summit is about to take place.

The full article, "Host Says G-20 Summit To Discuss Energy Security" was released by Reuters on Saturday, 9:30 p.m. EST
(click on post title for direct link).

Here is a summary below.

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The Group of 20 meeting of finance ministers and central bankers will discuss ways to ensure energy and resource security in light of strong demand from China and India, Australian Treasurer Peter Costello said on Sunday.

Mr. Costello will host the G-20 summit in Melbourne on November 18 and 19, with finance ministers and central bankers from the world's biggest economies, including China and India, the United States, Japan and Britain.

Mr. Costello said the meeting would bring major oil producing nations Saudi Arabia and Russia together with major customers, including China and India, which are experiencing growing demand for energy and resources.

"How does the world satisfy those economies that there will be continuity of supply at realistic prices, with no need to lock up supplies, without cartel activity which would rig those international markets?", Mr. Costello told Australian television.

"If we can get an agreement on adequate supply, adequate security, proper international pricing, then I think we can actually ensure that what could otherwise become jostling and instability over resources over the next couple of decades will be taken out of the system."

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At least it may be a step in the right direction.