Yahoo! News reports that Greenspan believes that high oil prices could shave 0.75 percentage points off US economic growth this year, according to congressional testimony.
Thankfully crude oil has dropped to it's lowest price in two weeks. Although the prices for crude oil rose higher today due to the potential for storm-related output losses throughout the summer.
It seems stock brokers are hedging their bets that more storms like Emily (which did nothing this time) are on the way to slow down the production of oil around the globe.
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