2006年VOA标准英语-Former US Central Bank Chief Warns of Impa

By Deborah Tate
Capitol Hill
07 June 2006

Former Federal Reserve Chairman Alan Greenspan testifies on Capitol Hill, Wednesday, June 7, 2006 before the Senate Foreign Relations committee hearing on the economics of oil   
  
The former chairman of the U.S. Federal Reserve, Alan Greenspan, says the global economy has been able to absorb sharp increases in oil prices.  But in an appearance on Capitol Hill Wednesday, he said high energy costs are beginning to have an impact on economic growth. 

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Alan Greenspan told the Senate Foreign Relations Committee that the U.S. and other world economies are beginning to soften¹ in the wake of spiraling oil prices, although he said the impact does not appear to be serious.

He said the global economy and the United States in particular have long been able to absorb sharp increases in the price of oil.

"The U.S. economy has been able to absorb the huge impact of rising oil prices with little consequence to date because it has become far more flexible over the past three decades, owing to deregulation and globalization," Greenspan said.

But he warned against any price or import restrictions²:

"Growing protectionism would undermine that flexibility³ and make our nation increasingly vulnerable to the vagaries⁴ of the oil market," Greenspan said.

Greenspan said high oil prices - topping $70 a barrel - are the result of a sharp decline in spare global oil production capacity and refinery⁵ shortages.  He said the high cost of oil should prompt the United States to more seriously consider the development of alternative fuels.  

He said ethanol could become a key alternative to gasoline, although only for the short-term, as the source of ethanol - corn - is limited in supply.  A better idea, he suggested, is cellulosic ethanol, made from wood chips and similar materials:

"Cellulosic ethanol - should it fulfill⁶ its promise -- would help to wean us of our petroleum⁷ dependence⁸, as could clean coal and nuclear power," Greenspan said.

Greenspan said the United States must decrease the demand for foreign oil if it is to achieve energy security.

"From a national security point of view, we will not be disassociated from petroleum, but problem that is easy to be concerned about - namely all this huge amount of cash going to countries who are not friends of ours - is a very serious issue," Greenspan said.

He also commented on China, where demand for cars is increasing rapidly, and fuel efficiency is not a high priority.

"Their oil efficiency is half of ours;  namely, that the ratio of oil consumption to GDP is twice that of the United States, and there is a great deal of inefficiency⁹ and obviously because their basic desire is essentially¹⁰ to move as fast as they can in the manufacturing area, the issue of fuel efficiency is not of the highest priority, even though they are aware of it, and obviously increasingly aware of environmental problems that affect them," Greenspan said.

It was Greenspan's first appearance on Capitol Hill since retiring as head of the Federal Reserve in January

1 soften   

v.(使)变柔软；(使)变柔和

参考例句：

• Plastics will soften when exposed to heat.塑料适当加热就可以软化。
• This special cream will help to soften up our skin.这种特殊的护肤霜有助于使皮肤变得柔软。

2 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

3 flexibility   

n.柔韧性，弹性，（光的）折射性，灵活性

参考例句：

• Her great strength lies in her flexibility.她的优势在于她灵活变通。
• The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。

4 vagaries   

n.奇想( vagary的名词复数 )；异想天开；异常行为；难以预测的情况

参考例句：

• The vagaries of fortune are indeed curious.\" 命运的变化莫测真是不可思议。” 来自英汉文学 - 嘉莉妹妹
• The vagaries of inclement weather conditions are avoided to a certain extent. 可以在一定程度上避免变化莫测的恶劣气候影响。 来自辞典例句

5 refinery   

n.精炼厂，提炼厂

参考例句：

• They built a sugar refinery.他们建起了一座榨糖厂。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

6 fulfill   

vt.履行，实现，完成；满足，使满意

参考例句：

• If you make a promise you should fulfill it.如果你许诺了，你就要履行你的诺言。
• This company should be able to fulfill our requirements.这家公司应该能够满足我们的要求。

7 petroleum   

n.原油，石油

参考例句：

• The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

8 dependence   

n.依靠，依赖；信任，信赖；隶属

参考例句：

• Doctors keep trying to break her dependence of the drug.医生们尽力使她戒除毒瘾。
• He was freed from financial dependence on his parents.他在经济上摆脱了对父母的依赖。

9 inefficiency   

n.无效率，无能；无效率事例

参考例句：

• Conflict between management and workers makes for inefficiency in the workplace. 资方与工人之间的冲突使得工厂生产效率很低。 来自《简明英汉词典》
• This type of inefficiency arises because workers and management are ill-equipped. 出现此种低效率是因为工人与管理层都能力不足。 来自《简明英汉词典》

10 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。