Alan Greenspan is in the news again – this time as an environmentalist
Yesterday, the former chairman of the Fed told the US Senate Foreign Relations Committee that: “Higher oil prices will inevitably move vehicle transportation to hybrids.”
But alas, Mr Greenspan has not nailed his colours to the anti global warming camp. Rather he worried about the economic impact of the high price of oil – and for that reason he is arguing for the US government to actively promote vehicles that use less gas.
Then again, as we have said before, if you are worried about global warming – and fear US intransigence over the issue- the high price of oil is a good thing.
© Investment & Business News 2013