Italian Premier Romano Prodi delivers his speech during the opening ceremony of the 20th World Energy Congress & Exhibition in Rome, Sunday, Nov. 11, 2007. (Xinhua/AFP Photo) Photo Gallery>>>

    ROME, Nov. 11 (Xinhua) -- Italian Prime Minister Romano Prodi warned here on Sunday that world economy is being jeopardized by soaring oil prices.

    "The price of crude oil has been doubled in 2007. The world economy is being jeopardized by high oil prices," Prodi said when addressing the opening ceremony of World Energy Congress, which was kicked off here in Rome.

    Recently, the price of crude oil soared and once closely hit the bench mark of 100 U.S. dollars per barrel, which has sent an alarming warning to the international economy, and led to widespread debate on energy.

    The Italian prime minister said the high oil price has brought "great difficulty" to some countries, businesses and people's life as well.

    Prodi also noted that the soaring oil prices are relevant to the speculations of financial market, and instability of financial market also fuel up the growing prices of crude oil.

    He also attributed the soaring energy prices to lower investment by energy businesses, like power generation, electricity and gas companies.

    He said that compared to other industrial sectors, energy businesses had invest less, and "now we are paying the price."

    He urged the international community to attach more importance to the energy issue and explore "global solutions" to the issue.

    The prime minister also called for more eyes on energy supply, energy efficiency and the development of renewable energy.