Your Web Site
US treasury secretary Henry Paulson today warned high oil prices increase risks to the US economy. Speaking after a meeting this morning with Alistair Darling and a number of UK financial chief executives, Mr Paulson warned about the effects of high oil prices – now heading to a record price of $144 dollar a barrel. He said: "This is a tough quarter we are in, we have challenges. "Oil prices are a strong headwind and there is a high risk they will prolong a slowdown." However, Mr Paulson maintained some confidence in the US economy. "Given the challenges, the economy is hanging in as well as possible. We have a resilient economy. There is a very strong possibility we will be growing at the end of the year. The long-term fundamentals are strong." He added the current problems facing the US economy were "not acceptable to the... [read full story]
