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To: Oeconomicus who wrote (150244)	11/18/2002 1:57:20 PM
From: GST	Read Replies (1) \| Respond to of 164684

Oil prices stayed uncharacteristically high a couple of years while interest rates were rising. If AG had known that oil prices would move as they did and stay high for as long as they did, he would have been more moderate in moving rates higher. At the time he underestimated the bottlenecks in the global oil supply chain -- an understandable miscalculation that he is more than willing to admit was a goof. High oil prices are a drag on the economy. Cheap oil through the 90s greased the skids for a period of above average growth.