The U.S. and Asia expressed "serious concern" over record oil prices one day after the market posted its biggest dollar gain ever, and urged consumer-nations to shift to alternative sources of fuel as energy costs rise.
Oil prices have reached "unprecedented" levels, officials from Japan, China, India, South Korea and the U.S. said in a joint statement issued after a meeting in Aomori in northern Japan today. Crude oil climbed $10.75 in New York yesterday to settle at $138.54 a barrel, its biggest one-day increase.

"There are few things we can do for the short term," U.S. Energy Secretary Samuel Bodman told reporters in Aomori today. ... Read full article