Editorial - Heeding demand growth

Edward M. Gramlich, a governor of the US Federal Reserve System, recently pointed to an important but insufficiently noticed distinction between the recent oil-price leap and its predecessors. He made his observation in a Sept. 16 speech on oil shocks and monetary policy in Kansas City, Mo."In the 1970s and 1980s," he said, "most oil shocks seemed clearly to be on the supply side in that international producers withheld production from the world market either because of attempts to gain more oil revenue or because of other supply interruptions, such as the Iranian Revolution. Today, the high price of oil is much more likely to be due to demand growth in the United States, China, India, an...

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