Washington, July 12 (DPA) The world's addiction to oil has long been a source of consternation for politicians, especially in the West. Oil threatens the environment and national security, and most governments have promised to wean themselves off the fuel in the coming decades.

The rising cost of crude oil could now threaten the world's recovery from its worst economic crisis since World War II, and governments are starting to get worried.

The price of crude oil has been exceptionally volatile in the last year. It has nearly doubled since January, topping $70 per barrel in June, even though the global economy and demand for oil remains sluggish.

Politicians are beginning to fear a repeat of the summer of 2008, when the price hit $140 per barrel, sending petrol prices skyrocketing in the US, sparking a serious energy crisis in many developing countries and sending economies reeling.

But the blame for the price increase has shifted. While oil producers in the Middle East have been criticised in the past for keeping supplies down, attention has now turned to the complex world of finance.

The US and Europe have signalled possible crackdowns on oil speculators - the investors who trade daily in the fuel. They argue that the sharp price changes are not borne out by the small shifts in supply or demand for oil.

Authorities believe speculators may be pushing the price higher for their own gains. Crude oil futures, traded on the New York Mercantile Exchange, are at the centre of the dispute.

The Commodity Futures Trading Commission, a US regulatory agency, said this week it is considering tougher regulations on energy markets. That could mean limits on how much traders can bet at any given time.