Greenspan raises red flag on energy

Amid soaring fuel costs and diminishing world oil supplies, former Federal Reserve Chairman Alan Greenspan warned that the nation needs to develop alternative energy sources or risk dire economic consequences. "If the world oil industry were to get into very serious difficulty, its impact on the world economic system would be very difficult to absorb," said Greenspan, addressing a crowd at the Aspen Institute's Aspen Ideas Festival.

Greenspan called for a mixture of solutions, from plug-in hybrid cars to ethanol to nuclear power. Greenspan's comments came a day after oil prices reached a record high, pushing above $75 a barrel on the New York Mercantile Exchange. Greenspan also sounded alarms about dwindling natural-gas supplies and the dangers posed by global warming. Greenspan said the nation may also need to develop more nuclear facilities and import more natural gas.

Post a Comment:

Comments are closed for this entry.

« Saudi Aramco raises... | Main | Shell : Biofuels... »

Most popular blog postings on lowem.log :

1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
3. Live spot gold price quotes chart on COMEX
4. Fuel prices seen stoking Malaysia inflation in 2008
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
7. Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high
8. Singapore : electricity tariffs to increase April 2008 on rising oil prices

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore : Bread price inflation continues
4. 2010 Honda Civic Hybrid preliminary specifications released
5. Peakoiler buys 2008 Honda Civic Hybrid FD3
6. How to insert currency exchange rates into Google Spreadsheets
7. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
8. Singapore : Inflation erodes away bank savings