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June 9, 2006

Former Fed Chief Greenspan Warns of Energy Crisis

Washington, DC [Knight Ridder Newspapers] Rising energy prices are pushing up inflation and increasingly threatening the U.S. economy, former Federal Reserve Chairman Alan Greenspan testified Wednesday. He called for speedily developing alternative energy sources such as ethanol and liquefied natural gas. In his first appearance on Capitol Hill since he ended his nearly 19-year Fed tenure Jan. 31, Greenspan testified before the Senate Foreign Relations Committee that America had better reduce its dependence on foreign oil or suffer damaging economic consequences.
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Reader Comments (2)
 
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June 9, 2006
I wonder what Alan thinks about alternative energy sources. There is research going on at UMASS to come to a conclusion on whether or not these sources of energy are feasible. Lets not wait for the study to be completed, lets move into solar and wind power plant construction now!
Comment 1 of 2
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June 11, 2006
It is funny when people take about alternative energy as a means of reducing dependence on oil. Then they talk about wind and solar power, but do not seem to clearly understand that more than70% of our oil is used in transportation. Wind and solar power, as great as they are, will never be a cure for oil. That is, until we commit to developing Hydrogen as an energy source.
Mr. Greenspan's regard for ethanol is great for a very small, very short term, but if we are ever to move into a near oil free society, then we must commit to Hydrogen.
Josh Watson Mygreenscene.com
Comment 2 of 2
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