(by Sh. Nakata)

Federal Reserve Bank of Kansas City President Thomas Hoenig says the U.S economy won’t suffer much impact from boosting oil prices and will perform better within next 18 months.

Hoenig also predicts GDP growth to be between 3.5% and 4%. He added oil prices are not the top priority in slowing growth as the U.S. economy is strong enough to overcome the impact. "The impact will be modest because the economy is sound. We are in an expansion phase on the business side," he said.

New York crude oil boosted to the record high of $52.23 per barrel on Thursday. Mr. Hoenig said it is still not $70 per barrel to destroy the economy.