Saudi finance chief unruffled by high oil prices

BERLIN (AFP) - Saudi Finance Minister Ibrahim al-Assaf said that high oil prices were having little impact on developed countries, on the sidelines of a meeting of Group of 20 finance chiefs in Berlin.


"The impact on developed countries is very limited," he told reporters.


But he said that "as far as developing countries are concerned, there is a negative impact."


Assaf said the G20 members had discussed mechanisms by which to come help these countries including action through the International Monetary Fund (news - web sites) or other bilateral measures.

more: http://story.news.yahoo.com/news?tmpl=story&cid=1515&ncid=1515&e=12&u=/afp/20041120/wl_mideast_afp/g20_economy_bank_forex_041120174849

I was sure he'd be all broken up.

WASHINGTON - After years of relative calm on the inflation front, Americans are being battered by $2-a-gallon gasoline, rising food prices and higher medical bills. And there are fears that price pressures could worsen in 2005.



The problem came into sharp focus last week when the government reported that wholesale prices increased in October by the largest amount in more than 14 years, and prices at the retail level recorded the biggest gain since May.


At the same time, energy prices experienced another jump, climbing at an annual rate of 22.5 percent through October. This has contributed to inflation's rising at a 3.9 percent annual rate this year, compared with 1.9 percent in 2003.


Inflationary pressures have led some economists to worry about a possible nightmare scenario: The dollar weakens dramatically, which drives up import prices; as terrorists attack overseas oil production facilities, which drives up energy prices; and like that, America's productivity miracle, a main reason for moderate inflation in recent years, disappears.

more: http://story.news.yahoo.com/news?tmpl=story&cid=509&ncid=718&e=1&u=/ap/20041120/ap_on_bi_ge/inflation_threats

a nation from becoming addicted to an oil supply, would they? Need to keep that cost in check for those developing nations so they can suck it dry and be willing to go to war over it also.

Still, given the many billions they have invested here, they don't much like a weak dollar either.

we are highly undeveloped -- intellectually-speaking.