High oil prices risky to economy, says US
Oil prices that hit a record on Tuesday are clearly too high and not beneficial for the US Economy, a top US 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, US 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.