Counterpoint: Electric pricing and US energy policy

摘要

Testifying before the House Committee on Energy and Commerce on June 10, 2003, Alan Greenspan, Chairman of the Federal Reserve Bank, pointed out a critical difference in the markets for natural gas and oil: with oil, US refiners have access to world suppliers. This means that if oil production slows in one region, for example, in South America, it can be replaced with oil from other regions, such as Europe, Asia, or the Middle East. In other words, world access to oil means that markets will adjust to reduced supplies and increased prices.