US FRS?s chairman Alan Greenspan said on Friday that increased oil prices already had made a "notable" impact on US gross domestic product. "So far this year, the rise in the value of imported oil - essentially a tax on US residents - has amounted to about 3/4 per cent of GDP.
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Crude Futures Began To Ease
Crude oil prices slipped 3 per cent yesterday as dealers took profits on signs that energy costs are hitting economic growth
Crude oil prices slipped 3 per cent yesterday as dealers took profits on signs that energy costs are hitting economic growth.
New York light crude dropped $1.73, (3 per cent) to $53.20 a barrel. IPE?s Brent crude fell $1.46 to $48.86 a barrel.
US FRS?s chairman Alan Greenspan said on Friday that increased oil prices already had made a "notable" impact on US gross domestic product. "So far this year, the rise in the value of imported oil - essentially a tax on US residents - has amounted to about 3/4 per cent of GDP.
"The risk of more serious negative consequences would intensify if oil prices were to move materially higher."
US FRS?s chairman Alan Greenspan said on Friday that increased oil prices already had made a "notable" impact on US gross domestic product. "So far this year, the rise in the value of imported oil - essentially a tax on US residents - has amounted to about 3/4 per cent of GDP.
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