G8 nations lower expectations on oil

TOYAKO, Japan, July 7 (UPI) -- Group of Eight members meeting in Japan Monday tried to tone down expectations the nations will be able to blunt high oil prices.

French President Nicolas Sarkozy repeated his call for oil-producing countries to boost output, the Financial Times reported.

However, European Commission President Jose Manuel Barroso said the G8 leaders could to little to influence oil prices in the short term.

"Honestly, we have to recognize the limits of action," Barroso said, adding, "We have to put an end to chronic dependence on fossil fuels."

The G8 leaders are expected to address economic and ecological issues Tuesday, including the impact of biofuels on food prices, as well as the state of credit markets, and the need to address hostility to free trade and foreign investments, the British business newspaper reported.

Summit attendees also are expected talk about the U.S. dollar. The organization said it wanted a stronger dollar in part to help curb rising oil prices.