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Industrial powers worry about high oil prices
04/22/2006
Finance officials from the world's leading industrial powers expressed unease Friday about zooming oil prices and vowed to take action to prevent the global economy from getting knocked off course. The pledge by finance ministers and central bank presidents from the Group of Seven countries came on the same day that oil prices in the United States shot up to a record high of $75.17 a barrel. Even though the world economy is now in good shape "risks remain from oil market developments, global imbalances and growing protectionism," the finance officials said in their joint statement released after a private meeting. The United States, Japan, Germany, France, Britain, Italy and Canada comprise the group.
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