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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Wally Mastroly who wrote (11984)2/17/2000 11:53:00 AM
From: Wally Mastroly  Read Replies (1) of 15132
 
Greenspan says worried about oil prices:

WASHINGTON, Feb 17 (Reuters) - Federal Reserve Chairman Alan Greenspan, noting ''exceptionally low'' oil inventory levels around the world, said on Thursday he was worried about oil prices, which have risen steeply in the last year.

''Yes I am concerned about what is happening to oil prices,'' Greenspan told the House Banking Committee in his semi-annual Humphrey-Hawkins testimony about the U.S. economy.

Greenspan said the low inventory levels, both of crude oil and of oil products, meant there was no buffer to protect prices if there was an external shock.

''The inventory levels worldwide -- the so-called commercial stocks ...available as a buffer to unexpected demands are exceptionally low,'' he said. ''Even though we are moving into a period when normal pressures begin to ease, we are starting from a very low base.''

Greenspan noted that the role of oil had been falling in the United States and in other major economies. But he added: ''The problem that I think we have is that even in its reduced status, it is a very important element within an industrial system and if the price changes fairly rapidly it has a major impact on the structure of our economy.''

Crude oil prices this week touched their highest levels in nine years, rocketing above $30 per barrel. Prices had eased back to $29.30 per barrel by Thursday morning.
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