ROME, Nov. 11 (Xinhua) -- The price of crude oil is being driven higher by speculation in financial markets, Italian Prime Minister Romano Prodi said Sunday.
Addressing the opening of the 20th World Energy Congress, Prodi said "the speculation must be contained in the future."
Prodi highlighted the need for innovation and called for more investment in energy exploration and efficiency, saying such investment from big companies is "insufficient."
There are already cars in use today that are capable of traveling at more than 20 km on a liter of petrol, comparing those which travel about seven km a liter, he said.
"If this was the standard, we could save the entire petrol production of Saudi Arabia," Prodi said.
The Italian leader said science and technology development should be exploited to facilitate life and to maximize energy efficiency, like engine efficiency in the car-making industry.
Prodi called for more investment in energy such as nuclear andsolar power.
He said the world is thirsty for energy, with 2.5 billion people still lacking access to adequate energy, even without energy to cook their food.
Developing economies, he said, are hungry for energy to help pull tens of millions of their people out of poverty.
Messages from Italian President Giorgio Napolitano and Russian President Vladimir Putin were also read out during the congress.
Putin called for open dialogue to create a more transparent energy market, with commercial rules based on "principles of justice and mutual respect." Napolitano underlined the importance of research for the sustainable use of energy resources.
Andre Caille, chairman of the World Energy Council, told the congress that the global energy supply must be doubled by 2050 to meet the growing demand.
"We must keep all our options open and the price of energy must stay high to encourage innovation and investment," Caille said.
Addressing the opening of the 20th World Energy Congress, Prodi said "the speculation must be contained in the future."
Prodi highlighted the need for innovation and called for more investment in energy exploration and efficiency, saying such investment from big companies is "insufficient."
There are already cars in use today that are capable of traveling at more than 20 km on a liter of petrol, comparing those which travel about seven km a liter, he said.
"If this was the standard, we could save the entire petrol production of Saudi Arabia," Prodi said.
The Italian leader said science and technology development should be exploited to facilitate life and to maximize energy efficiency, like engine efficiency in the car-making industry.
Prodi called for more investment in energy such as nuclear andsolar power.
He said the world is thirsty for energy, with 2.5 billion people still lacking access to adequate energy, even without energy to cook their food.
Developing economies, he said, are hungry for energy to help pull tens of millions of their people out of poverty.
Messages from Italian President Giorgio Napolitano and Russian President Vladimir Putin were also read out during the congress.
Putin called for open dialogue to create a more transparent energy market, with commercial rules based on "principles of justice and mutual respect." Napolitano underlined the importance of research for the sustainable use of energy resources.
Andre Caille, chairman of the World Energy Council, told the congress that the global energy supply must be doubled by 2050 to meet the growing demand.
"We must keep all our options open and the price of energy must stay high to encourage innovation and investment," Caille said.
