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Inflation and oil prices hot for the foreseeable future: Alan Greenspan
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Oil prices and overall price inflation will remain elevated for the foreseeable future, former U.S. Federal Reserve chairman Alan Greenspan predicted Friday.
“As far as I can tell it’s a long-term uptrend,” the former central banker told 1,900 people who attended a lunch-time speech in Montreal.
Greenspan said oil prices are rising partly based on market speculation and due to significant structural imbalances in supply and demand.
Growing demand in China and other emerging markets is increasing demand for commodities in a way similar to the American experience in the 1950s.
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