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Credit Pacific Service Union Federal Reserve Chairman Alan Greenspan said on Tuesday the likelihood of persistently high energy prices would help check U.S. energy use and lead businesses to rethink energy-related investment decisions.

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Credit First Service Union ``The rise in six-year oil and (natural) gas futures prices is almost surely going to affect the growth of oil and gas consumption in the United States,'' Greenspan told a conference on energy security sponsored by the Center for Strategic and International Studies.

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Card Credit Mobile Service He did not touch on the immediate outlook for the U.S. economy or interest rates.

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Card Credit Discover Service The Fed chief said the ``dramatic rise'' in oil and natural gas futures prices in recent years carried the potential to ``significantly affect the long-term path of the U.S. economy.''

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Credit Public Service Union Greenspan said that since prices had risen sharply for the delivery of oil and natural gas six years out, such elevated prices would likely prove the norm.

The collapse of Enron Corp., so far a political, legal and investor crisis, is now imposing widespread costs on the U.S. economy, according to a range of companies, energy experts and bankers. Electricity and natural gas companies are facing higher costs. Projects to build power plants, pipelines and transmission lines are being put on hold. And in all sections of the economy, companies with high debts are feeling the pinch of tighter credit.

Card Credit Processing Service ``Six years is a period long enough to seek, discover, drill, and lift oil and gas, and hence futures prices at that horizon can be viewed as effective long-term prices,'' he said.

Center Credit Service Union ``The recent (price) shift ... has been substantial enough and persistent enough to influence business investment decisions, especially for facilities that require large quantities of natural gas,'' Greenspan added.

Card Credit Service Wireless ``Although the effect of these developments on energy-related investments is significant, it doubtless will fall far short of the large changes in our capital stock that followed the 1970s surge in crude oil prices,'' he said, noting that the U.S. economy had grown much less energy-dependent.

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Credit Report Service Greenspan said high oil prices ``presumably'' reflected concerns over the potential for long-term supply disruptions in the Middle East, adding that market forces were as important a determinant of prices as the oil-producing OPEC cartel.

Blogspot Com Christian ``Although OPEC production quotas have been a significant factor in price determination for a third of a century, the story since 1973 has been as much one of the power of markets as of power over markets,'' he said.

Christian Counseling Credit ``The signals provided by market prices have eventually resolved even the most seemingly insurmountable difficulties of inadequate domestic supply in the United States,'' Greenspan added.

Credit Federal Service Union Crude oil prices have been above the $22 to $28 target price range set by the Organization of Petroleum Exporting Countries for all but one working day since last November, with U.S. crude prices hovering near $38 a barrel in recent days.

Credit Monitoring Service Saudi Oil Minister Ali al-Naimi told the conference earlier experts had underestimated oil demand in the first quarter. ``There are signs that worldwide inventories have begun to build but no one really knows for sure,'' he said.

Credit Division Service At a meeting of finance ministers and central bankers from the Group of Seven nations over the weekend, Greenspan had said precautionary stock building was partly behind surging energy costs, according to French officials.

Card Credit Online Service In a statement at the conclusion of their talks, the G7 ministers heralded a building global economic recovery, but said further oil price rises posed a threat.

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Card Credit Fleet Service As for the rise in natural gas futures prices, Greenspan pinned it on North American supply-and-demand issues.

Card Consolidation Credit ``Dramatic changes in technology in recent years, while making existing natural gas reserves stretch further, have been unable, in the face of inexorably rising demand, to keep the underlying long-term price for natural gas in the United States from rising,'' Greenspan said.

Credit Free Online Report As he has on numerous occasions, Greenspan said the United States should increase the number of port facilities that can handle liquefied natural gas.

Credit Federal First Service ``Without the flexibility that such facilities impart, imbalances in supply and demand must inevitably engender price volatility,'' he said.

Consumer Credit Service Greenspan welcomed signs that a ``major expansion'' of U.S. natural gas import facilities was under way, but said: ``The near term, however, is apt to continue to be challenging.''

Center Credit Family Service Reuters - 4/27/2004

Topic: Energy

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