Economic Leaders Say High Oil Prices May Hurt Growth

July 8, 2005 9:00 AM, EDT

Leaders gathered for the G-8 summit in Scotland said that high oil prices pose a threat to economic growth, Bloomberg News reported.

“We discussed the risks that sustained high energy prices pose for global economic growth,” the eight leaders said in a statement.

Oil prices rose to a record high of $62.10 earlier in the week on concerns about potential supply disruptions and increasing demand, Bloomberg said.