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Japan and the US have pledged to call for "swift action" on surging oil and food prices at next week's G8 summit.
Japan's Prime Minister Yasuo Fukuda said action was needed as the problems were "having a negative impact on the world economy".
US president George Bush also blamed oil prices for the US economy "not growing as robustly as we would like".
"We have got a problem when it comes to reliance upon foreign sources of oil. For seven years I've been trying to get the Congress to explore for oil domestically," he said.
Originally posted by Keyhole
Until the dollar is worth something again and speculating on oil is stopped, the market will keep the price of oil drilled from these new areas the same as imported oil.