News

Oil price ‘good’

June 16, 2008

The rising price of oil is good news, according to the head of the Organisation for Economic Cooperation and Development (OECD). Speaking at the OECD's annual meeting, Angel Gurria said it would be 'disastrous' if the world’s richest nations cut fuel taxes or subsidised prices, as rising prices are a clear signal to consumers and companies to cut their fuel consumption.

In an interview with the BBC, Gurria said: ‘We cannot allow the temporary slowdown in the world economy to distract us from something which in 20, 30, 40 or 50 years will be the most relevant challenge we have.’

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