U.S. says high oil prices risky to economy

ROME (Reuters) – Oil prices that hit a record on Tuesday are clearly too high and not beneficial for the U.S. economy, a top U.S. energy official said.

The United States has been remarkably resilient in the face of expensive energy, but a rally on oil to more than $118 a barrel is an economic threat, U.S. Acting Deputy Secretary of Energy Jeffrey Kupfer told a news briefing.

“Oil prices are clearly too high. We are not happy with the prices or the direction they’re going in,” Kupfer said.

Reuters