Greenspan: U.S. Can Weather Oil Cost Rise
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Record oil prices are unlikely to inflict the economic pain they did in the 1970s, Federal Reserve Chairman Alan Greenspan said on Friday, adding that he thought the world could adjust to higher-priced oil.
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NEW YORKâCrude oil hit $55 (US) a barrel yesterday as traders worried over thin heating oil inventories ahead of winter and Federal Reserve Board chairman Alan Greenspan predicted the soaring costs would not crimp economic growth like in the 1970s.
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U.S. stocks fell sharply on Friday as  investors were jolted by a more than $2 increase in oil prices,  while Federal Reserve Chairman Alan Greenspan gave a stark  reminder that interest rates were bound to go higher and warned  the appetite for the dollar would dwindle.
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Not much seems to trouble Federal  Reserve Chairman Alan Greenspan these days -- not oil at more  than $50 a barrel, record levels of consumer debt, nor a  possible U.S. housing bubble.
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The dollar may rise against the euro in Asia for the first day this week on speculation Federal Reserve Chairman Alan Greenspan will express optimism about the US economy in testimony before Congress today.
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The world will be living with volatile oil prices for years to come, but this yearâs price spike should not be serious enough to push the US into a recession, US Federal Reserve Chairman Alan Greenspan said yesterday.
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The dollar perked up ahead of a key speech from US Federal Reserve Chairman Alan Greenspan which was expected to set the scene for future rises in American interest rates.
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The Chairman of the US Federal Reserve, Alan Greenspan, says he believes the current surge in global oil prices will not have the same impact on economic growth and inflation as the energy crisis of the 1970s.
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U.S. stocks dropped on Friday as  investors were jolted by a jump in oil prices and comments by  U.S. Federal Reserve Chairman Alan Greenspan, who gave a blunt  reminder that interest rates were bound to go up and warned the  appetite for U.S. assets would eventually dwindle.
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High oil prices, which have been a factor in virtually all U.S. recessions over the past three decades, are surging again this year. And the higher crude oil prices climb, the more risk energy costs pose to what, until recently, many expected to be a banner year for the U.S. economy.
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This year's oil price surge will not be a replay of the oil shocks of the 1970s and 1980s that sent the United States into a series of recessions, Federal Reserve Chairman Alan Greenspan said Friday.
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High oil prices do not mean a rerun of the damage caused by the "oil shocks" of the 1970s, Fed chief Alan Greenspan says.
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Oil prices rise amid colder weather in the US and speculation that oil cartel Opec might cut output.
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The U.S. government's top energy forecaster on Tuesday said it raised its estimate for world crude prices in 2010 by about 20 percent to near $60 a barrel due to delays bringing new oil fields on line.
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Will today&#39;s careening crude oil prices reprise That &#39;70s Show? Not according to Alan Greenspan. The Federal Reserve chairman said this year&#39;s price climbs will likely have a far gentler impact on the economy
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The soaring cost of oil has hit global economic growth, although world&#39;s major economies should weather the storm of price rises, according to the OECD.
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US STOCKS rose on Friday after a government report showed better-than-expected retail sales and United States Federal Reserve Chairman Alan Greenspan suggested that record oil prices would not slow economic growth.