Greenspan: US Has No Control Over Oil Prices..."We Are Not Going To Have Oil Independence Again"...

Greenspan: US Has No Control Over Oil Prices..."We Are Not Going To Have Oil Independence Again"...

Former Federal Reserve Chairman Alan Greenspan yesterday said the United States has no control over oil prices, which are now in the hands of big state-owned oil companies, and it will not have energy independence any time soon unless it produces technological breakthroughs on ethanol or alternative fuels.

Today's high gasoline prices rankle consumers and stir up political passions, but are not having a big impact on the economy because of the flexibility brought about by open international markets that have been financing U.S. purchases of foreign oil and gas, he testified before the Senate Foreign Relations Committee in his first congressional appearance since retiring from the Fed Jan. 31.

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