Iran’s president concedes oil prices hurt economy

By Associated Press
Wednesday, December 3, 2008 - Updated 353d 5h ago

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TEHRAN, Iran - Iran’s hard-line President Mahmoud Ahmadinejad has acknowledged publicly for the first time that his country’s economy is taking a severe beating from tumbling oil prices, a damaging admission for a populist leader who faces eroding popularity and a tough re-election battle next year.

Oil prices have plunged more than 60 percent since July as a faltering global economy reduces demand. Ahmadinejad said that will force the government of the world’s fourth-largest oil exporter to make painful spending cuts, the official IRNA news agency reported Wednesday.

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