The Fall in the US Dollar

Bernanke Denies Culpability in Oil Prices

By Institute for Energy Research —— Bio and Archives--June 10, 2011

Global Warming-Energy-Environment | Comments | Back To Full Article

This blog post is available as a PDF here. In a speech on June 7 in Atlanta at the International Monetary Conference, Fed chair Ben Bernanke downplayed the U.S. central bank's role in rising oil and gasoline prices. Inasmuch as I recently testified before a Congressional subcommittee saying that Bernanke's policies have been (partially) to blame, I want to point out the weaknesses in Bernanke's attempt to shift the blame. Nobody can know exactly how much the Fed has boosted the pain at the pump, but it's probably much worse than Bernanke is willing to admit.

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