Financial executives are growing increasingly worried about rising oil prices, according to Financial Executives International.
In a recent survey of 219 CFOs by the Florham Park, N.J.-based advocacy group, rising oil prices ranked second to the sputtering economy as a top business concern, followed by weak consumer spending and lower demand.
Most of the executives surveyed said they expected oil prices to continue rising over the next six months, prompting many to raise prices for their own products or services. Others also planned to reduce corporate travel and invest in more energy-efficient products, the survey found.
"This survey identifies oil prices as an issue for CFOs and they don't anticipate cost relief," Cheryl de Mesa Graziano, vice president of research and operations at Financial Executives Research Foundation, in a statement.
Researchers at New York's Baruch College also contributed to the survey.