Cedar Rapids-based Rockwell Collins Inc.’s CEO is one of a number of business leaders expressing concern about a potential recession as oil prices reach the $100-a-barrel mark, according to Bloomberg News.

Higher fuel prices coupled with an increase in corporate borrowing costs after a collapse in the subprime mortgage market could cause the economy to slow to a less than 2 percent growth rate in the fourth quarter, half of the third quarter’s pace, analysts predict.

Clayton Jones, head of Rockwell Collins, said in an interview with Bloomberg that he’s “much more worried about recessionary impacts rather than inflationary impacts.” Caterpillar Inc. lowered its profit forecast last month with the belief that the economy would be “near to, or even in, recession” next year. Meanwhile, United Airlines said it could cut capacity in 2008 as a result of higher fuel costs and Deutsche Lufthansa AG is raising fuel surcharges on long-haul flights.

Countries worldwide appear to be at risk of recession as well. Japan’s index of leading economic indicators has reached zero for the first time in a decade. Pressured by higher fuel costs, the European Commission cut its 2008 growth forecast to 2.2 percent from 2.5 percent last week.