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Industry: Email Alert RSS FeedFed governor foresees oil prices staying high.
Financial Update, October, 2004
Constrained production capacity and rising worldwide demand will combine to keep oil prices high, according to Ben Bernanke, a member of the Federal Reserve System's Board of Governors. However, the long-term effects of high prices will be manageable, he noted, and as long as core inflation remains low, the Fed's gradual removal of an accommodative monetary policy can proceed.
Making the adjustments
"Conservation and the development of alternative energy sources will, over the long term, take some sting out of higher oil prices," he said in an October speech in Albany, Ga. "Moreover, productivity gains from diverse sources, including technological improvements and a more highly educated workforce, are likely to exceed by a significant margin the...
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