Today at a senate hearing and in his first post-fed address, Alan Greenspan told the Senate that while the USA has so far been able to absorb the rising cost of fuel, the increase has reached a point where economic growth is being stunted.

He said that American business “to date has largely succeeded in finding productivity improvements that have contained energy costs.” But added that consumers “are struggling with rising gasoline prices

Greenspan’s hope was that Amercans will wean themselves from gasoline dependence through development of ethanol and alternative fuels as well as expanded use of hybrid engines.