E2-Wire

BP chief: Oil prices threaten US economic recovery

by Ben Geman - 12/06/11 3:41 PM ET

“There is a risk that in the world’s largest economy and largest oil consumer, the United States, could be hit by a lack of supplies and a high price of oil with consequences for the rest of the world,” Dudley said.

Oil prices were lingering in the $100-per-barrel range on the New York Mercantile Exchange Tuesday morning, and have roughly been in the $90-$100 range for the past month.

Dudley’s warning comes amid signs that the U.S. economy is picking up steam.

The economy added 120,000 jobs in November, according to the Labor Department, and unemployment rate dropped to 8.6 percent, the lowest level in almost three years.

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