The economy can withstand higher oil prices, says Federal Reserve chairman Alan Greenspan, stating that the current surge in oil prices "is likely to prove less consequential to economic growth and inflation than [that of] the 1970s".(The Numbers)

American Drycleaner, November, 2004 by O; '; Rourke, Shelly

THE ECONOMY CAN WITHstand higher oil prices, says Federal Reserve chairman Alan Greenspan, stating that the current surge in oil prices "is likely to prove less consequential to economic growth and inflation than [that of] the 1970s." With crude oil prices nearing $55 a barrel, analysts say it's still uncertain how consumers and businesses will react to high prices at the pumps in the coming months.