Record high oil prices are beginning to take their toll on the U.S. economy, but not enough to halt or reverse the recovery, U.S. Treasury Secretary John Snow said on Tuesday on CNBC television.
But Snow said the U.S. economy is managing to withstand the “headwinds” of oil at $60 a barrel. When asked if these energy prices portended a recession, Snow said: “No. I don’t see it derailing the strong recovery we’re in … but it does take a few tenths of a (percentage) point off GDP growth, that’s for sure.”
