U.S. Overestimates Future Middle East Production

Quoting Marketplace’s David Brown: ‘Let me read from the part of that book that might give you pause. And I quote: “many reports suggested that higher energy costs were constraining consumer and business spending”. Translation: Fed officials may be worried about how ‘high oil prices’ will affect the economy’s health.’

Audio:
http://www.marketplace.org/play/audio.php?media=/2004/10/27_mpp&start=00:44.0&end=08:10.0