Fed's Greenspan on energy

In the speech 'Energy' given on 20 May Alan Greenspan of the Federal Reserve said a modest easing in oil demand in response to higher prices should keep inventories rising in the U.S. and elsewhere for some months.

Speaking to the Economic Club of New York, Greenspan pointed out that he had predicted in April when prices were spiking that he expected to see "an inventory buffer to damp the price frenzy."

"A somewhat lesser, but still important, accumulation of crude oil is evident in other major

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