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G-7 Nations Want Oil Production Ramped Up
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G-7 Nations Want Oil Production Ramped Up

Business

G-7 Nations Want Oil Production Ramped Up

G-7 Nations Want Oil Production Ramped Up
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In a statement Tuesday, the G-7 nations warned of the risks "posed by elevated oil prices." Demand for gasoline usually starts to wane at the end of the summer but right now gasoline prices are hitting new highs. Oil prices are surging because of tensions with Iran and the ongoing concerns about Hurricane Isaac.

DAVID GREENE, HOST:

NPR's business news starts with upping the oil output.

(SOUNDBITE OF MUSIC)

GREENE: The group of seven most industrialized nations are urging oil producing countries to ramp up production. In a statement yesterday, the so-called G-7 nations warned of the risks, quote, "posed by elevated oil prices." Demand for gasoline usually starts to wane at the end of the summer but right now gasoline prices are hitting new highs. Oil prices are surging because of tensions with Iran and the ongoing concern about Hurricane Isaac.

The White House says releasing oil from the strategic petroleum reserve remains an option if fuel costs keep climbing.

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