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Bernanke: Oil price spike could ‘stop the recovery’

the Hill.com -- Federal Reserve Chairman Ben Bernanke warned Tuesday that a major disruption in foreign oil supplies that sent prices skyward could thwart the economic recovery, but expressed optimism that the U.S. is becoming less vulnerable to such dislocations.

“A major disruption that sent oil prices up very substantially could . . . stop the recovery,” he told the Senate Budget Committee, noting that oil price spikes feed inflation and act as a “tax” on consumers.

Turmoil in Libya helped send oil prices above $113 per barrel in late April and early May of 2011, pushing nationwide gasoline prices to almost $4-per-gallon (a level exceeded in many areas) before falling back.

But Bernanke also noted that the country’s energy situation is improving.

“I think one of the more encouraging things over the

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Submitted Feb 07, 2012 By: Cakes77

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paguy2012 Sophomore Author Pennsylvania Posts:109 Points:21,885 Joined:Jan 2012	Message Posted: Feb 8, 2012 7:19:28 PM Ignore paguy2012 Report Abuse Wish i had a place to store 1000's of gallons of gas, I coudl make a ton of money in the near future.................
clpassenubye Champion Author Los Angeles Posts:2,190 Points:428,465 Joined:Mar 2011	Message Posted: Feb 8, 2012 12:54:11 PM Ignore clpassenubye Report Abuse it will stop the recovery
SkyWarnTX All-Star Author Texas Posts:945 Points:56,845 Joined:Jan 2012	Message Posted: Feb 8, 2012 11:21:00 AM Ignore SkyWarnTX Report Abuse Three(3) -OUT DATED- eastern Pennsylvania refineries are closing due to the fact that the U.S. is EXPORTING GASOLINE, there is TOO MUCH GASOLINE in AMERICA... Instead of building a Keystone Pipeline to TEXAS, all CANADA has to do is PURCHASE these THREE(3) eastern Pennsylvania refineries ... PROBLEM SOLVED... REPUBLICANS would lose their VOICE if a law were passed to prohibit EXPORT of KEYSTONE PIPELINE Products... -- Moment of Clarity -- ... No one wants a OIL PIPELINE built on CLEAN WATER AQUAFIERS... NEVER trust a OIL COMPANY EXECUTIVE to take care of your CLEAN WATER... FRACKING, PIPELINE or otherwise... there are no OIL COMPANY EXECUTIVEs living in your WATER DISTRICT... FLAMMABLE WATER is something a BRITA or PUR water filter can NOT fix... -- Moment of Clarity -- ...Price of OIL is DOWN, U.S. is Exporting Refined Gasoline to OTHER CONTRIES... -- Moment of Clarity -- ... Republican Oil Company Owners are Manipulating Gas Prices... in their bid to retake the White House in November... -- Moment of Clarity -- ...
kx250 Champion Author Michigan Posts:1,426 Points:771,925 Joined:Oct 2008	Message Posted: Feb 8, 2012 10:23:43 AM Ignore kx250 Report Abuse Bernanke: Oil price spike could ‘stop the recovery’ how much do we pay this guy a year? (oops, apologize, maybe it's just the editor who's overpaid) [Edited by: kx250 at 2/8/2012 10:31:23 AM EST]
Cakes77 Champion Author Harrisburg Posts:3,497 Points:1,332,215 Joined:Aug 2006	Message Posted: Feb 8, 2012 9:19:37 AM Ignore Cakes77 Report Abuse Thanks for your nice comments folks on this article. Keep them coming!
salgood Champion Author Twin Cities Posts:2,576 Points:642,680 Joined:Jun 2008	Message Posted: Feb 8, 2012 7:16:51 AM Ignore salgood Report Abuse It's not hard to stop something that hasn't started yet.
GasPriceHelp4u All-Star Author Dayton Posts:864 Points:209,675 Joined:Jul 2008	Message Posted: Feb 8, 2012 6:27:37 AM Ignore GasPriceHelp4u Report Abuse A basic economics 101....Tell us something we don't know or can't understand!!!
dr047 Champion Author Cleveland Posts:1,655 Points:180,280 Joined:Aug 2010	Message Posted: Feb 8, 2012 6:25:23 AM Ignore dr047 Report Abuse Breaking News !!!
gawxnative All-Star Author Atlanta Posts:507 Points:185,455 Joined:Aug 2006	Message Posted: Feb 8, 2012 5:49:48 AM Ignore gawxnative Report Abuse DUH, more money for fuel(s) equals less into other parts of the economy
mike1881 All-Star Author Fayetteville Posts:714 Points:261,580 Joined:Feb 2011	Message Posted: Feb 8, 2012 5:03:56 AM Ignore mike1881 Report Abuse Doesn't take a genius to figure out higher gas prices equals less money to help the economy.
chuckwthompson Champion Author Charlotte Posts:1,890 Points:217,535 Joined:Sep 2011	Message Posted: Feb 8, 2012 1:34:47 AM Ignore chuckwthompson Report Abuse Obama & Bernanke...Dumb and dumber! Vote 2012
Vette1967 Champion Author Albany Posts:4,172 Points:920,155 Joined:Jun 2009	Message Posted: Feb 7, 2012 11:59:06 PM Ignore Vette1967 Report Abuse No kidding.
davenles Champion Author Texas Posts:1,391 Points:359,260 Joined:May 2011	Message Posted: Feb 7, 2012 11:49:23 PM Ignore davenles Report Abuse He should know what screws up the economy, he's been doing it for some time now.
amerk73 Champion Author Dallas Posts:5,234 Points:1,260,960 Joined:Oct 2008	Message Posted: Feb 7, 2012 11:26:34 PM Ignore amerk73 Report Abuse all want up what they want more
my2002m Champion Author Tulsa Posts:4,264 Points:1,310,320 Joined:Jul 2008	Message Posted: Feb 7, 2012 10:56:50 PM Ignore my2002m Report Abuse Duh. Not only that it could plunge us into another recession.
GT3186 Champion Author Salem Posts:1,270 Points:270,780 Joined:Aug 2011	Message Posted: Feb 7, 2012 10:32:46 PM Ignore GT3186 Report Abuse Bernanke's bad policies (along with those of Obama) stopped the recovery a long time ago.
LQQKGAS Champion Author Phoenix Posts:1,485 Points:852,980 Joined:Oct 2009	Message Posted: Feb 7, 2012 10:23:43 PM Ignore LQQKGAS Report Abuse What recovery ??
dh0770 Champion Author Colorado Posts:1,683 Points:323,335 Joined:Jun 2011	Message Posted: Feb 7, 2012 10:03:03 PM Ignore dh0770 Report Abuse Recovery???
Meowmy All-Star Author Florida Posts:993 Points:278,110 Joined:Jan 2011	Message Posted: Feb 7, 2012 9:30:51 PM Ignore Meowmy Report Abuse Nah, ya think?!
alterman156 Champion Author New York Posts:5,625 Points:1,197,650 Joined:Dec 2008	Message Posted: Feb 7, 2012 8:51:32 PM Ignore alterman156 Report Abuse High oil prices are not good for the economy.
rbrk02 Champion Author Rhode Island Posts:3,038 Points:457,130 Joined:Jan 2011	Message Posted: Feb 7, 2012 7:47:57 PM Ignore rbrk02 Report Abuse Can't say I've seen any real recovery.
TomT2Lee Champion Author Cincinnati Posts:4,220 Points:1,266,780 Joined:Sep 2005	Message Posted: Feb 7, 2012 7:44:25 PM Ignore TomT2Lee Report Abuse That is priceless. Bernanke is one of the prime forces behind policies destroying the value of the US dollar. Those policies are creating an inflation firestorm that is going to lay this country to waste. Any illusions about a recovery will be exposed for the scam they are.
gasup4cheap Rookie Author Illinois Posts:48 Points:8,890 Joined:Sep 2008	Message Posted: Feb 7, 2012 7:19:00 PM Ignore gasup4cheap Report Abuse Any "recovery" information(stats, markets, unemployment rates, employment rates and so on and so on) that we are being fed through the media is all a manipulation of the truth for the re election of anyone running for re office this fall. Including our President [Edited by: gasup4cheap at 2/7/2012 7:19:55 PM EST]
07skydriver Champion Author Ohio Posts:1,469 Points:631,165 Joined:Feb 2009	Message Posted: Feb 7, 2012 7:07:33 PM Ignore 07skydriver Report Abuse Just stay home.
PathfinderSC Champion Author South Carolina Posts:7,712 Points:1,472,740 Joined:Mar 2008	Message Posted: Feb 7, 2012 6:56:44 PM Ignore PathfinderSC Report Abuse A big hike in gas prices could destroy the economy.
playtimeCLE Champion Author Cleveland Posts:6,475 Points:1,186,600 Joined:Nov 2008	Message Posted: Feb 7, 2012 6:51:59 PM Ignore playtimeCLE Report Abuse There is no recovery! Every time there a piece of good news there is a piece of bad news that keeps oil/gas prices high enough to stop any attempt at recovery.
VomVom Champion Author Calgary Posts:2,462 Points:1,294,460 Joined:May 2007	Message Posted: Feb 7, 2012 6:39:43 PM Ignore VomVom Report Abuse Unemployment is down to 8.3%; at least on paper!
humblepie Champion Author Toledo Posts:17,394 Points:2,011,270 Joined:Mar 2006	Message Posted: Feb 7, 2012 5:43:43 PM Ignore humblepie Report Abuse and what recovery is that ben ? ask the man on the street about any recovery i bet you would get an earful...........
doggod Champion Author Anchorage Posts:1,082 Points:391,235 Joined:May 2009	Message Posted: Feb 7, 2012 5:40:18 PM Ignore doggod Report Abuse I hope people have learned to ignore Bernanke by now. He's been wrong about pretty much everything.
doeslayersr Champion Author Illinois Posts:5,831 Points:512,150 Joined:Dec 2010	Message Posted: Feb 7, 2012 5:02:28 PM Ignore doeslayersr Report Abuse What recovery? November is one day closer. Vote the current administration out of office and purge the scourge.
Cothrom All-Star Author South Carolina Posts:621 Points:385,240 Joined:Sep 2005	Message Posted: Feb 7, 2012 4:43:59 PM Ignore Cothrom Report Abuse Typical
SkyWarnTX All-Star Author Texas Posts:945 Points:56,845 Joined:Jan 2012	Message Posted: Feb 7, 2012 4:38:37 PM Ignore SkyWarnTX Report Abuse >> Bernanke: Oil price spike could ‘stop the recovery’ >> YES ... and the REPUBLICANS know this... manipulating markets is what REPUBLICANS do best... REPUBLICANS don't care about you... they just need your VOTE...Not as many PRETENDER REPUBLICANS as there used to be... Bush's RECORD HOME OWNERSHIP took out a lot of PRETENDER REPUBLICANS to FORECLOSEURE... Hard to pretend your are rich when you're losing your house...Gas prices are easy to manipulate, why does the price of GASOLINE go UP when the U.S. OIL Companies are EXPORTING a GLUT of REFINED GASOLINE to other countries, and the price of OIL is going DOWN... [Edited by: SkyWarnTX at 2/7/2012 4:40:14 PM EST]
ObieDog All-Star Author Maryland Posts:981 Points:528,970 Joined:Sep 2010	Message Posted: Feb 7, 2012 4:36:52 PM Ignore ObieDog Report Abuse Duh?
MotherNatureCT Sophomore Author Connecticut Posts:193 Points:60,675 Joined:Dec 2011	Message Posted: Feb 7, 2012 4:17:34 PM Ignore MotherNatureCT Report Abuse Do you think? The part I find amusing is that where in this country has the recovery started? Please, someone tell me so may be my family can go there!
ToolinIt Champion Author Colorado Posts:1,257 Points:554,010 Joined:May 2010	Message Posted: Feb 7, 2012 4:11:14 PM Ignore ToolinIt Report Abuse Ben is a real genius. Duh!
hoosierva All-Star Author Indianapolis Posts:983 Points:240,525 Joined:Jul 2011	Message Posted: Feb 7, 2012 3:57:56 PM Ignore hoosierva Report Abuse really, ya' think!
LEGION57 Champion Author South Carolina Posts:1,492 Points:249,475 Joined:Mar 2011	Message Posted: Feb 7, 2012 3:39:51 PM Ignore LEGION57 Report Abuse Fire Bernake.
johntxx All-Star Author Texas Posts:707 Points:257,950 Joined:Aug 2011	Message Posted: Feb 7, 2012 3:38:56 PM Ignore johntxx Report Abuse I still don't see much "recovery", but to the title of this article, I say, "DUH!"