Tuesday, October 20, 2009: 1:16pm EDT WASHINGTON (Reuters) – The rising cost of oil could damage the world economy just as it begins to rebound, U.S. Energy Secretary Steven Chu said on Tuesday. Wide swings in oil prices are difficult for industries to manage and the U.S. government is concerned about another price spike, Chu said. “Even $80 dollars is making me nervous”.
Crude oil prices hit a one year high above $80 a barrel on Tuesday before slipping to around $78 in morning trading on the New York Mercantile Exchange.
(Editing by Andrew Hay)