Federal Reserve Board Chairman Alan Greenspan said today that surging oil prices bear close attention because they have the potential to disrupt the nation's longest ever economic expansion. As NPR's John Ydstie reports, Greenspan said higher oil prices have not sparked a new round of inflation, but that possibility still exists, especially given low inventories and tensions in the Middle East. He noted that federal budget surpluses have aided the expansion, but added that government's propensity to spend may mean smaller surpluses in years to come.
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