G-8 worried about food, oil; optimistic on economy

Leaders of the Group of Eight economic powers warned Tuesday that surging oil and food prices could undermine world growth but that the global economy would ultimately be resilient.

In a communique released after a morning discussion about economic issues, the leaders called on petroleum suppliers to boost production and refining and to increase investment in oil exploration and output over the medium term.

The G-8 — which groups the U.S., Britain, Japan, France, Germany, Canada, Russia and Italy — also called for diversifying sources of energy and further efforts to improve energy efficiency.

Read Full Article from The Associated Press

- Posted: 2008-07-09 11:00:55

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