Paulson: no quick fix for oil price

U.S. Treasury Secretary Henry Paulson warned Thursday that rising oil prices are likely to prolong the world economic slowdown.

Speaking at a London news conference, he said there will be no quick fixes to calm soaring oil prices which hit a trading record, above $145 a barrel on Thursday.

"I think that the oil prices are a strong head wind and at this level, they have got a high risk that they are going to prolong the slowdown," Paulson said, winding up a European tour.

Paulson was holding talks on Thursday with British Treasury chief Alistair Darling and banking executives following meetings in Russia, Germany and others in Britain.

Read Full Article from The Associated Press

- Posted: 2008-07-03 09:06:54

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