Scholz wants G-7 talks on reducing fuel prices

German Chancellor Olaf Scholz says he plans to discuss how to bring down soaring fossil fuel prices with his counterparts in the Group of Seven industrial powers. Scholz told a conference of Germany's machinery industry on Tuesday that the very first task must be to ensure that the prices for fossil resources, gas, oil and coal come back down.

He noted that it could not be done unilaterally. Scholz said he plans to bring up "mutual responsibility", particularly on gas prices, in all his international talks, including at a videoconference of G-7 leaders planned later on Tuesday. He said that "we need a negotiated process in which prices come back down to a reasonable level". Scholz said that it was the same idea that led to the founding of the G-7 in the 1970s.