Treasury's Geithner: US Faces A 'Dangerous' And 'Uncertain' World
March 15 2012 - 7:30PM
Dow Jones News
Treasury Secretary Timothy Geithner Thursday said aspects of the
economic recovery so far has been encouraging but the U.S. still
faces a "dangerous and uncertain world" marked by high oil prices
and an ongoing struggle with Iran over its nuclear program.
"Americans are feeling the effects of higher gas prices. There
is no quick and easy fix to this problem, but it reinforces the
need for more progress to develop additional sources of energy of
all forms," Geithner said in remarks prepared for an Economic Club
of New York dinner.
Tensions between Iran and the west over Tehran's nuclear
program, have pushed U.S. crude prices 11% higher since November as
traders fretted that Iran could move to disrupt supplies traveling
through the nearby Strait of Hormuz, through which a third of the
world's seaborne crude passes.
"The world is engaged in a critical struggle with Iran, which is
adding to upward pressure on oil prices," Geithner said.
The Treasury secretary last month said there could be a case for
releasing oil from the nation's emergency stockpile. The White
House earlier Thursday denied a report that it had reached an
agreement to release oil from the Strategic Petroleum Reserve.
In his remarks Thursday, Geithner also launched into campaign
mode, reminding the audience that they face "fundamental choices
about politics and economics" ahead of this year's presidential
election.
-By Jeffrey Sparshott; Dow Jones Newswires; 202-862-9291;
jeffrey.sparshott@dowjones.com
--David Bird contributed to this article.