High crude oil prices can wreck global economies, U.S. Energy Secretary Sam Bodman said on Monday.
"It is not an understatement to say ... that high oil prices can literally wreck economies," Bodman told a conference hosted by the Middle East Institute. Bodman did not specify whether current crude oil prices were too high.
High prices "can restrict development in a way that stifles business growth and, more notably, inhibits improvements in the health and well-being of so many around the world," Bodman said.
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