Oil causing economies to come unstuck

OIL price pressures will dominate this weekend’s meeting of the G20, the group made up of the world’s leading economies and other major institutions such as the World Bank.

This is quite ironic, given that economists keep insisting the global economy is more than capable of absorbing the price hikes triggered after God told George Bush to invade Iraq.

The meeting takes place in China, one of the new economies starting to guzzle the black gold as fast as producers can get it.