EMC’s Business Finance blog

Group of Eight energy ministers looked inward for solutions to record oil prices on Sunday, touting the need for domestic efficiency rather than piling pressure on a resistant OPEC to pump more crude.

Oil prices posted their biggest ever one-day surge on Friday, leaping more than $10 to a record high above $139 a barrel CLc1.

Soaring oil costs dampen global economic growth, worsen inflationary pressure and raise the risk of more protests by fishermen, truck drivers and others whose livelihoods are under threat.

Caught between mounting popular discontent at home and the need to invest billions in greener energy to cut world carbon emissions, the G8 ministers offered few new ideas for heads of state to consider at their summit next month.