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The G-8 — the United States, Japan, Germany, Britain, France, Canada, Italy and Russia — gathered Monday for a summit where leaders will discuss and seek to reach agreements on topics such as climate change and high oil and food prices. Though the list of attendees includes leaders of eight of the most powerful countries in the world, along with prominent guests like Chinese President Hu Jintao, the topics up for official discussion are issues the G-8 is patently incapable of solving.
With oil prices soaring to record heights, G-8 members certainly have serious concerns for their respective economies. Although three of the G-8 states — the United States, Russia and Canada — are major oil producers, they have very different consumption patterns. Thus, the group most certainly lacks the resources to address the systemic rise of the price of oil.
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