Bush & Brown Combine Forces To Blame OPEC For High Energy Prices - Reuters

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LONDON (Reuters) - Britain and the United States blame OPEC for record high oil prices that have exacerbated a global economic slowdown, but some analysts believe the cause for oil's run-up may lie closer to home.

British Prime Minister Gordon Brown and U.S. President George W. Bush, both struggling to boost their slumping popularity, have pressed OPEC countries to open their taps to help ease oil prices. But some analysts believe oil is being driven more by a battered dollar, weakened by a U.S. housing market collapse and credit crunch. "Traditionally, speculators and OPEC ... are an easy scapegoat, but I think it's totally unfair," said Olivier Jakob, analyst at Petromatrix.

Oil climbed to a record high of $113.93 on Tuesday, up 17 percent from the start of the year. Brown, who is to fly to the United States on Wednesday for talks with Bush, said he wanted to develop a collective plan to bring down oil prices.

"We are not producing enough oil ... and we can take collective action to persuade OPEC and others to get the oil price down," Brown said in an interview on Sky Television. Bush has also repeatedly urged the Organization of the Petroleum Exporting Countries (OPEC) to supply more oil.

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http://news.yahoo.com/s/nm/20080415/ts_nm/oil_politics_dc_1;_ylt=ApoADryPyUGuliouJsnCnc6AsnsA