Greenspan: Energy industry needs R&D focus

12/03/2001
Technology has transformed the energy industry but incremental improvements will require massive long-term investment in research and development, US Federal Reserve Board Chairman Alan Greenspan said.Greenspan discussed US energy supplies in a talk last month at the James A. Baker Institute for Public Policy at Rice University in Houston.He said that, largely in response to past oil price jumps, the energy intensity of the US economy has been reduced by almost half from the levels of the early 1970s. Much of the energy displacement was accomplished by 1985, within a few years of the peak in the real price of oil."What has changed dramatically in recent years is the production side of the...
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