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Snow: High oil prices are a burden
August 2, 2004
NEW YORK (Reuters) - Treasury Secretary John Snow on Monday said that continued high oil prices are a burden for the economy, but they should not derail the expansion.
"I don't think they're going to derail the economy, but they are a burden on the economy. They mean an extraordinary amount of money that would otherwise be disposable income in the pockets of U.S. citizens going to buy U.S. goods and services isn't there," Snow said on CNNfn cable television.
"It makes the recovery more difficult; it puts headwinds in the way of the recovery," said Snow of elevated oil prices. Crude oil on the New York Mercantile Exchange hovered on Monday just below a record high of $43.92 set overnight.
Snow also downplayed the recent weakness in consumer spending in June, saying the signs were that spending was already picking up.
CNNfn is a sister network of CNN/Money.
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