Eric Watkins
Senior Correspondent
LOS ANGELES, Dec. 18 -- The US, China, India, Japan, and South Korea agreed on Dec. 15 to work together to boost energy efficiency, to diversify their sources of energy, and to guard against emergencies in the face of rising oil prices.
In a joint statement, energy ministers from the countries said they face a common challenge to obtain "sufficient, reliable, and environmentally responsible supplies of energy with reasonable prices."
The statement said that in recent years fluctuations and increases in global oil prices have hurt the world economy, especially developing countries.
The ministers said the collective efforts of their countries—which consume about 47% of the world's energy—are of great significance for the stability of the international market for oil and other sources of energy, as well as for enhancing global energy security.
The ministers pledged to cooperate in diversifying the sources of energy through the increased use of alternatives like clean coal and nuclear power. They also agreed to improve energy efficiency and conservation, to step up cooperation over strategic oil stocks, and to improve transparency of data in the market to enhance oil market stability.
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