Harvey Rosenblum of the Dallas Federal Reserve Bank warned a San Antonio audience that the U.S. economy is in a precarious state.
“Basically, the economy is moving along, but it’s flashing, ‘Watch out, danger ahead’ on all the gauges. Unless we get going a little bit faster, we are at a tipping point where things might not go the right way,” said Rosenblum.
Rosenblum is the Federal Reserve Bank of Dallas’s research director and an economic policy advisor to Dallas Fed president and CEO Richard Fisher. He was one of several speakers who addressed Tuesday’s Greater San Antonio Chamber of Commerce’s MacroSA 2011 event at the San Antonio Convention Center.
Keynote speaker T. Boone Pickens cautioned the audience to be mindful of America’s crippling dependency on foreign oil.
Pickens warned that when Saudi Arabia’s aging royal family leadership dies, Iran could have more influence on Middle East oil exports, leaving the United States vulnerable to disruptions. Pickens said oil prices could spike back to about $150 dollars a barrel during the next two to three years because of rising demand — mostly from Asia — unless a global recession occurs first.
The legendary energy entrepreneur urged passage of H.R. 1380, the NAT GAS Act, as an important step toward developing energy security.
Read more at the San Antonio Express-News website HERE.