Middle East Economic Survey

VOL. XLVIII

No 30

25-July-2005

Greenspan Sees Oil Prices Shaving 0.75% From US Economic Growth In 2005

US Federal Reserve Chairman Alan Greenspan said high oil prices could shave 0.75 percentage points from US economic growth in 2005, according to congressional testimony released on 18 July. In a letter to Representative Jim Saxton, chairman of the Congressional Joint Economic Committee, Mr Greenspan said high oil prices since the end of 2003 had shaved roughly half a...