{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Former Federal Reserve Chairman Greenspan comment on oil prices' data-url='/boclips/videos/5c54bec4d8eafeecae13e2cb' data-video-url='/boclips/videos/5c54bec4d8eafeecae13e2cb' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nFormer Federal Reserve Chairman Greenspan comment on oil prices\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003ePOOL, 7 June 20061. Wide of Alan Greenspan seated in room before Senate Foreign Relations Committee2. SOUNDBITE  (English)  Alan Greenspan, Former US Federal Reserve Chairman:\"Rising prices per se need not have an effect on American...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003ePOOL, 7 June 2006\u003cbr/\u003e1. Wide of Alan Greenspan seated in room before Senate Foreign Relations Committee\u003cbr/\u003e2. SOUNDBITE  (English)  Alan Greenspan, Former US Federal Reserve Chairman:\u003cbr/\u003e\"Rising prices per se need not have an effect on American economic growth if the rise is gradual and the adjustment process is able to take place but a shock is got to be absorbed in one form or another and in this particular stage we don't have a backup other than the strategic petroleum reserve and our flexibility, we got to find more ways to deal with this problem.\"\u003cbr/\u003e3. Wide of Alan Greenspan seated in room before Congressional hearing\u003cbr/\u003e4. SOUNDBITE (English) Alan Greenspan, Former US Federal Reserve Chairman:\u003cbr/\u003e\"The issue is to get off petroleum, not whether or not it's important or not, and I think where our efforts ought to be are in those promising areas where large possible changes are conceivable, and that's the reason why I would like to see us move as quickly as we could to find out whether the various forms of cellulosic ethanol are in fact feasible.\"\u003cbr/\u003eAP Television, FILE/Recent\u003cbr/\u003e5. Various of gas station in Manhattan\u003cbr/\u003eAP Television, 7 June 2006\u003cbr/\u003e6. SOUNDBITE (English)  David Wyss, Standard and Poor's Chief economist:\u003cbr/\u003e\"The big reason that oil hasn't had any impact on the market and the economy is simply that oil isn't as important as it use to, 25 years ago energy accounted for 14% of GDP, last year it was 7%, in case of oil back then, oil was about 45% of our total energy usage, today it's about 1/3, so oil isn't as big a factor as it used to be, that doesn't mean it can't change things and it can't cause a recession, it just means it has to go higher to cause a recession than it did back then.\"\u003cbr/\u003eNew York Stock Exchange (NYSE), FILE/Recent\u003cbr/\u003e7. Wide pan of floor of New York Stock Exchange (NYSE)\u003cbr/\u003e8. Mid of traders on floor of NYSE\u003cbr/\u003eAPTN, FILE/Recent:\u003cbr/\u003e9. Various shot from offshore oil rig, location unknown\u003cbr/\u003eFormer US Federal Reserve Chairman Alan Greenspan said on Wednesday that while the country has been able to absorb sharp increases in oil prices, high energy costs are beginning to stunt economic growth.\u003cbr/\u003eBut he also said sharply higher oil prices have not produced any \"serious erosion\" of world economic activity.\u003cbr/\u003eIt was Greenspan's first appearance before Congress since leaving the Federal Reserve in January.\u003cbr/\u003eGreenspan said high oil prices, exceeding 70 US dollars (54 euros) a barrel and pushing gasoline costs beyond 3 dollars (2.3 euros) a gallon in many areas, are due to a sharp decline in spare global oil production capacity, refinery shortages and, to some extent, market speculation.\u003cbr/\u003e\"Rising prices per se, need not have an effect on American economic growth if the rise is gradual and the adjustment process is able to take place but a shock is got to be absorbed in one form or another and in this particular stage we don't have a backup other than the strategic petroleum reserve and our flexibility, we got to find more ways to deal with this problem,\" said Greenspan.\u003cbr/\u003eGreenspan said with limits on US oil reserves \"we are not going to be a price setter in oil anywhere in the foreseeable future\" unless there is a significant reduction in demand.\u003cbr/\u003eThe former chairman also emphasised the need for American business to wean itself off of petroleum dependence and look to alternative forms of energy.\u003cbr/\u003eGreenspan said ethanol can become a significant alternative to gasoline, but that the answer in the long run is not in corn, now the sole commercial source of the fuel, because of limited supplies. He urged rapid expansion of research into the development of cellulosic ethanol, made from wood chips, sawgrass or other material.\u003cbr/\u003e\"The issue is to get off petroleum, not whether or not it's important or not, and I think where our efforts ought to be are in those promising areas where large possible changes are conceivable, and that's the reason why I would like to see us move as quickly as we could to find out whether the various forms of cellulosic ethanol are in fact feasible,\" said Greenspan.\u003cbr/\u003eHe added that only cellulosic ethanol will create the volumes adequate to replace large amounts of gasoline.\u003cbr/\u003eAn analyst from Standard and Poor's, David Wyss, agreed with the majority of Greenspan's predictions and explained the reason why oil hasn't greatly affected the market thus far.\u003cbr/\u003e\"The big reason that oil hasn't had any impact on the market and the economy is simply that oil isn't as important as it use to, 25 years ago energy 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