Tags: Geithner | Surging | Oil | Prices | Wont | Derail | Global

Geithner: Surging Oil Prices Won't Derail Global Recovery

Tuesday, 26 Apr 2011 09:52 AM

Oil prices at current levels will not derail the global economic recovery, U.S. Treasury Secretary Timothy Geithner said Tuesday.

"At current levels, on its own, it won't put the recovery at risk," Geithner told an event sponsored by the Council on Foreign Relations when asked to rate oil prices as a global risk.

He also said the U.S. economy is still healing and faces new headwinds from the soaring oil prices.

Geithner said private forecast of 3 to 4 percent growth seemed reasonable, adding that the underlying strength of the economy showed resilience.

"The economy is definitely healing," Geithner said.

Geithner also said a strong dollar "will always be" in U.S. interests and that the Obama administration would not undercut the greenback to spur growth.

"Our policy has been and will always be, as long, at least, as I'm in this job, that a strong dollar is in our interests as a country. And we will never embrace a strategy of trying to weaken our currency to gain economic advantage at the expense of our trading partners," he said in response to a question after his speech.

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Oil prices at current levels will not derail the global economic recovery, U.S. Treasury Secretary Timothy Geithner said Tuesday. At current levels, on its own, it won't put the recovery at risk, Geithner told an event sponsored by the Council on Foreign Relations when...
Geithner,Surging,Oil,Prices,Wont,Derail,Global,Recovery
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2011-52-26
Tuesday, 26 Apr 2011 09:52 AM
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