Federal Reserve Governor speaks on petroleum future - WALB.com, Albany News, Weather, Sports

Federal Reserve Governor speaks on petroleum future

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October 21, 2004

Albany-- One of Washington's top economic policymakers says the days of cheap gasoline and energy are over.

The Governor of the Federal Reserve Board, Dr. Ben Bernanke, says oil prices have exploded, because production has not been able to keep up with the world's surging energy demands.

Bernanke says in the long term the high prices will force industrial nations to find new sources of cheaper energy.

"These adjustments will not occur rapidly however," said Dr. Bernanke. "Hence the next few years may be stressful ones for energy consumers, as stretched and uncertain supplies of oil and other conventional energy sources face the growing demands of a rapidly expanding oil economy."

A Georgia native, Bernanke says there is plenty of crude oil in the world to meet demand. The challenge is to find more effective ways to produce it.


posted at 3:35PM by dave.miller@walb.com