U.S. Treasury Secretary Henry Paulson says rising oil prices are likely to prolong the world economic slowdown.

Paulson says there will be no quick fixes to calm soaring oil prices. Oil hit a trading record above US$145 a barrel on Thursday.

Paulson is holding talks with British Treasury chief Alistair Darling and banking executives.

Both Paulson and Darling are warning that the United States and Britain urgently need to end their addiction to oil.

But they are urging the Group of Eight industrialized nations to call for short-term increases in oil production at a summit in Japan next week.