IHS CERA Chief Says High Oil Prices Could Slow Economy

Daniel Yergin, chairman, IHS CERA
One of the nation's leading energy experts says the price of oil is close to the point where it could hurt economic growth. 

Speaking at the annual CERAWeek energy conference here in Houston, IHS CERA chairman Daniel Yergin cited a variety of factors pushing up the price of oil. He said these included rising demand in the developing world and tensions in the Persian Gulf.

"I think there is definitely concern about the impact of oil prices moving into a range where they take a toll on GDP, where they affect spending, where they take money out of consumers' pockets, where they make it difficult for industries. And I think that we’re on the edge of that."

Yergin said the price of oil is likely to climb higher over the next four months as the full range of new US sanctions against Iran go into effect.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...