Cheney: US To Weather Current Bout Of High Oil Prices-CNBC

NEW YORK -(Dow Jones)- U.S. Vice President Dick Cheney acknowledged Friday that current high oil prices will have a “bite” on the economy, but also noted that oil is less important now for the economy than 15 or 20 years ago. “We think we’ll be able to weather this. There’s no question energy’s a problem – oil in particular,” Cheney said in an interview with CNBC.

NEW YORK -(Dow Jones)- U.S. Vice President Dick Cheney acknowledged Friday that current high oil prices will have a “bite” on the economy, but also noted that oil is less important now for the economy than 15 or 20 years ago.

“We think we’ll be able to weather this. There’s no question energy’s a problem – oil in particular,” Cheney said in an interview with CNBC.

The front-month crude contract touched a fresh all-time high of $57.60 Thursday at the New York Mercantile Exchange. Current crude oil prices when adjusted for inflation, however, haven’t yet matched the record levels of the early 1980s, according to Cheney.

Cheney also hailed a Senate move earlier this week opening the way for oil drilling in Alaska’s Arctic National Wildlife Refuge as “a major success story.”

Dow Jones Newswires
03-18-051431ET

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