Buffett: Higher gas prices won’t derail economic recovery

Billionaire investor Warren Buffett expressed confidence Monday that surging oil and gasoline prices won’t halt the country’s economic recovery.

“They’re a minus, but I don’t see them stopping things,” Buffett said on CNBC.


Tensions with Iran and other factors have sent oil prices to their highest levels since last May, and pump prices are rising alongside crude oil costs.

“I’d rather have them a lot lower,” said Buffett, a supporter of President Obama. But he then added: “I do not think it will derail what has been going on now for almost three years, two and a half years — we have had a steady recovery.”

Regular gasoline is now averaging almost $3.70 per gallon nationwide, according to AAA, a gain of almost 30 cents per gallon in the last month.

Average nationwide prices were $3.35 per gallon at this time last year before eventually peaking at roughly $4.

The rising prices are a political threat to Obama, whose reelection campaign has been buoyed by good economic news in recent months.