Alan Greenspan, a leading US economist best known for his power to scare stock markets with his carefully-worded subtle phrases, recently gave a 3 hour testimony before a US Senate committee recommending a much quicker development of alternative energy sources.His main concern was that energy prices would push up inflation and threaten the economy. In addition, a terrorist attack on a Middle Eastern oil refinery could raise prices even more.
He further noted that much of the world's oil reserves are owned by governments not exactly friendly with the US. The recent high energy prices have created a "very serious issue" where these governments are receiving tremendous amounts of cash.
He also debunked corn-based ethanol, but spoke highly of the possibilities of cellulosic ethanol. Liquified natural gas was also mentioned as another replacement for petroleum.
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[via Renewable Energy Access]
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