Federal Reserve Chairman Ben S. Bernanke told Congress that higher energy prices may weaken the U.S. economy by sapping consumer spending.
“Higher energy prices would probably slow growth, at least in the short run,” Bernanke said Wednesday in response to questions from the House Committee on Oversight and Government Reform. Rising fuel prices “create at least short-term inflation pressures, and moreover, they act as a tax on household purchasing power and reduce consumption spending, and that also is a drag on the economy.”
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