Oil prices tumbled $1.68 to settle at less than $71 a barrel on the New York Mercantile Exchange Wednesday after the U.S. government reported swelling inventories of crude and distillates. Also weighing on prices were more signs of progress toward a peaceful resolution of the West’s dispute with Iran. Here is Wednesday’s roundup of oil and energy news.
GREENSPAN ON OIL: As Federal Reserve chairman, Alan Greenspan spent many an hour on Capitol Hill answering (or not answering) lawmakers’ questions about subjects having little or nothing to do with his lookout, monetary policy. Today, in his first trip back to Congress as a private citizen, Mr. Greenspan spent some time talking about one such subject: oil prices. The former Fed chair said flexibility has helped the U.S. economy withstand pricey petrol for the most part, but added that consumers seemed near the end of their ropes and that energy prices might finally be having an impact on growth. Perhaps more interestingly, Mr. Greenspan also jabbed a sharp finger in the eye of the powerful farm lobby, saying corn-based ethanol was probably not the economy’s salvation, encourging more research into cellulosic ethanol, made of sawgrass, wood chips and other materials. read more
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