Paulson: No Quick Fix For Oil Price

LONDON  — Treasury Secretary Henry Paulson says he expects high oil prices to keep the world in an economic slowdown. Oil is selling at record levels again on Thursday.

Paulson is in London wrapping up a conference with British Treasury chief Alistair Darling and other banking executives. He also made stops in Russia and Germany.

Paulson acknowledges there is no short term answer to bring down oil prices.

Both he and Darling told reporters the U.S. and Britain need to reduce dependence on oil, cut foreign energy imports and promote investment in renewable alternatives.

Saudi Arabia’s oil minister says in spite of today’s new record, his country has no plans to boost production any more.