This is with reference to "Oil prices still driven by speculation" (
Business Line, November 27). Addressing the plenary session of the India Economic Summit 2006 organised by the World Economic Forum and the CII, the Finance Minister, Mr P. Chidambaram, said that the oil producing countries were exploiting consumers by raising oil prices.
He felt that prices are being driven by speculation as they have fallen from $75 to $58 with no change in demand-supply position. As the Minister said, the Government should initiate steps to achieve breakthroughs in the development of wind and solar energy technologies to ensure alternative fuel sources.
T. R. Anandan
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`Oil prices still driven by speculation'