BP chief: Oil prices threaten US economic recovery

BP CEO Robert Dudley is warning that high oil prices could hurt the economic recovery in the U.S. and other nations.

His warning comes amid an intensifying presidential campaign season in which the health of the economy will play a major role.

Reuters reported Tuesday on Dudley’s remarks to the World Petroleum Congress in Doha, Qatar, noting that he said, “we are probably walking a fine line” with respect to recovery and that the U.S. is especially vulnerable.

“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.