Your Web Site
Keywords: , US Treasury Secretary Hank Paulson, oil prices Soaring world oil prices risk prolonging the world economic slowdown, the US Treasury Secretary Hank Paulson has warned. Following talks in London with Chancellor Alistair Darling, Mr Paulson said that the rise in energy prices presented a "strong head wind" to growth in the world economy. "The effects of the financial instability, the credit crunch, the effects of very high oil prices - which are much higher than I think anyone would have forecast even at the beginning of this year - are having an effect on every economy in the world" - Alistair Darling However he insisted that the "fundamentals" of the US economy were strong and predicted that growth would pick up in the US by the end of the year. "I think that the oil prices are a strong head wind and at this level... [read full story]
