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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: zonder who wrote (13518)	10/15/2004 12:32:16 PM
From: mishedlo	Read Replies (1) of 116555

High oil has cut growth, Greenspan WASHINGTON (CBS.MW) -- The rise in the cost of imported oil has already had some negative consequences on the economy this year, Fed chair Alan Greenspan said. "So far this year, the rise in the value of imported oil - essentially a tax on U.S. residents - has amounted to about three quarters of one percent of GDP," Greenspan said in a speech exploring many issues surrounding oil prices prepared for delivery to the National Italian American Foundation. Although this is a noticeable impact, it is "likely to prove less consequential to economic growth and inflation than in the 1970s," he said. Greenspan said the risks of more serious negative consequences would intensify if oil prices were to move "materially higher." The Fed chairman rejected theories that the world will soon run out of oil. cbs.marketwatch.com

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