An alternate to oil,{hydrogen gas,ethanol,biofuel,solar fuel,power as fuel} suggested will bring fiscal loss to the immediategainers and shift the pricing to the next chief fuel of the world.Speculator along chief producer go for final kill before awareness brings quantum jump to option fuel energy source.Ethyl blend,bio fuel appears to be be failing lot in this directions.Oil is part of life energy,Oil King on its golden moments donot want change .

U.S. President George W. Bush calling the initiative "interesting" and British Prime Minister Gordon Brown welcoming it."As one of the world's largest producers and consumers, we expect to participate," White House spokesman Tony Fratto said later.

The summit is called to mitgate the blame game and to reach reasons responsible the roots of causing surge oil price to an unaffordable to most of the countries, protests seems to emegre from both developed and devloping nations.

Oil experts are having diverse version of oil fields,when one view suggest it limited for three decaded the other postulates more than

double the OIL RESERVES.

Oil pricing urgently needs a International regulatory authority to keep check on speculative spiraling price rise of oil which needs statutary guidelines from oil producers and Consumers.

Israeli Threat of war against Iran is another war in Oil producing regions made speculative affect on oil price surge.

Gazprom one of the biggest oil producer of the world and chief

suppliers to Europe Alexei Miller its CEO told the European Business Congress in France gas delivery prices for Europe have reached $410 per 1,000 cubic meters, the Russian energy giant's CEO said on Tuesday. Russia's gold and foreign currency reserves increased by $0.5 billion, to $549.1 billion, in the week of May 30 - June 6, the Central Bank of Russia said Wednesday.

Alexey Miller, chairman of Gazprom said the higher crude prices it expected would drag gas values up too. "We think it oil will reach $250 a barrel in the foreseeable future," said Miller, insisting that high demand rather than financial speculation was the primary factor, an argument that runs counter to that put forward by Opec.

OPEC's Secretary General on Tuesday appealed Abdullah al-Badri said there is no shortage of oil in the market called for measures to quell market speculation, a factor OPEC says is sending prices to unjustified levels.