Snow says oil prices hurting economy-CNBC

By Kevin Plumberg

NEW YORK (Reuters) - U.S. Treasury Secretary John Snow acknowledged on Tuesday that record high oil prices are beginning to take their toll on the U.S. economy, but not enough to derail the economy's strong recovery.

"Energy prices are way too high," Snow said on CNBC television. "Clearly, it's hurting."

After hitting a three-month low in May, U.S.-traded oil futures have risen around 32 percent to a record high of $60.95 a barrel on Monday. In early trading Tuesday, oil prices slipped to $59.25.

High energy prices often sap domestic spending, as consumers have to shell out more for gasoline and less for other goods. A consumer-led slowdown has the potential to dent U.S. economic growth, particularly since consumer spending makes up roughly two-thirds of the economy.

A common Brazilian monkey could have told you that!

Semper Fi

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