Nations fret amid oil highs (CNN Intl)

Nations fret amid oil highs
Friday, March 18, 2005 Posted: 0807 GMT (1607 HKT)

SINGAPORE (Reuters) -- Oil prices held just over $1 below record highs on profit-taking on Friday as consumer countries fretted about the impact of soaring energy costs on economic growth.

U.S. light crude slipped 9 cents to $56.31 a barrel after hitting an all-time peak of $57.60 on Thursday.

Concerned that oil prices could rise further, Japan's top economic ministers said Tokyo was on alert over the possible impact on the country's slowly recovering economy.

"We will be watching the impact of higher oil prices on two fronts. One is Japanese corporate profits, which have been a key source of economic growth so far. The other is what happens to consumer confidence in the United States," Economics Minister Heizo Takenaka said.

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The US sheeple have enough on thier hands with "steroid overload" and the "Shivo / MJ trials"....

We can't be worried about peak oil...rant over.