Snow says energy prices hurting US economy

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 28 June.

"Energy prices are way too high," Snow said on CNBC television. "Clearly, it's hurting."

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

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