Fed's Greenspan on energy

In the speech 'Energy' given on 17 October Alan Greenspan of the Federal Reserve said the sharp run-up in energy prices following the shutdown of Gulf Coast production facilities was an "an accident waiting to happen".

"The current surge in oil prices, though noticeable, is likely to prove significantly less consequential to economic growth and inflation than the surge in the 1970s," Greenspan said in the speech to Japanese business executives in Tokyo.

Greenspan said that was because the world

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