Sarkozy attacks rising cost of oil

Mar 28 2008

French president Nicolas Sarkozy tonight called for a new fairer world order and attacked the soaring cost of oil.

In a speech in the City of London at the end of his two-day state visit to Britain, he said he was “deeply concerned” with what was going on with commodities, particularly oil.

“I’m worried to know that when I was minister of finance, a barrel of Brent was 42 dollars, right now it stands at 100 dollars, give or take a few dollars,” he said.

“And yet it costs the same amount to extract that same barrel of Brent.”

The president said one could not talk about a stable world when some countries did not have electricity several hours a day, while others did not know what to do with earnings they got from commodities.

“I wanted to say to the British Government, we mustn’t defend the established order, we’ve got to defend a fair world order.”

Mr Sarkozy said that while he championed freedom and competition, there was a need for rules and regulations, and France would be imposing tough rules on companies in terms of carbon emissions.

“We have to safeguard the future of our planet and our children,” he said.

Mr Sarkozy abandoned his planned speech for his address at the banquet in honour of himself and his wife Carla at London’s Guildhall.

He also paid tribute to the British economy’s recovery from near-collapse in the 1970s and said the French must learn from the British people’s “intelligent approach to work”.

He said: “Twenty years ago, the UK was 20% less rich than was France, today you are 10% richer than France.”

And he urged the British to play a fuller role in Europe.

“Europe needs the UK, and the UK, just like France, needs Europe,” he said.

The president and his wife were 45 minutes later than expected at arriving at the historic location.

The First Lady wore a floor-length wine-coloured gown with a wrap for her bare shoulders which she utilised as the presidential couple lingered on the chilly evening for a salute by a guard of honour of the Honourable Artillery Company when they arrived at the venue.

Inside, the menu comprised of honey-roasted quail, timbale of scallop and sea trout, tournedos of British beef, followed by a trio of British classics - marmalade creme brulee, poor Knights of Windsor and treacle tart.