Reply #1: Energy Is Central Focus at G-8 Meeting

[Judi Lynn]

Energy Is Central Focus at G-8 Meeting
Finanace Ministers From World's Wealthiest Nations Focus on Energy's Effect on World Economy

ALEX NICHOLSON AP Business Writer

MOSCOW Feb 12, 2006 (AP)— Russia's energy clout took center stage as Moscow hosted finance ministers from the Group of Eight nations, its economy buoyed by high oil prices and its reputation battered by a gas dispute with Ukraine.

Despite storm clouds from the gas fight that had threatened to overshadow Saturday's discussions among the world's most industrialized nations, officials appeared to put in place a blueprint for a summit of the G-8 heads of states in July that will likely focus on energy security.

In their final communique, ministers warned of the effect of "high and volatile" energy prices on the world economy, though they said global growth was expected to grow in 2006. They also warned of the potential economic effects of a global bird flu pandemic and called for more financial help for affected countries.

"We are all concerned about the risks of rising energy prices and what they do to growth," U.S. Treasury Secretary John Snow said at a news conference after the meetings.
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http://abcnews.go.com/Business/wireStory?id=1608262