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CNN Live At Daybreak

Greenspan Says High Gas Prices to Weigh on Economy

Aired June 11, 2003 - 06:17   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now though. Federal Reserve Chairman Alan Greenspan is warning the country is facing a gas problem.
Let's head live to New York and Susan Lisovicz.

Are we talking petrol or natural?

SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Natural we're talking about. You know now that oil prices have stabilized, we have another energy problem to worry about. The Fed chairman says he's worried that the economy could be hurt by the sharp spike in natural gas prices. He appeared on Capitol Hill to talk about that very issue.

The price of natural gas is nearly twice as high as last year. The government says that current supplies for natural gas are especially low for this time of year because demand was so high this winter. And of course we may be paying the price. Consumers probably won't feel the pinch until next winter when the shortage is expected to be exacerbated, but businesses are already feeling the pinch. So yet another thing to worry about -- Carol.

COSTELLO: Something else we have to be concerned about.

LISOVICZ: Exactly.

COSTELLO: Quick look at the futures.

LISOVICZ: Higher. Yesterday the market finished higher shaking off a warning from Nokia. The Dow industrials gaining three quarters of a percent, closing back above the 9,000 level. The Nasdaq composite, meanwhile, rose 1.5 percent.

In economic news today, the Federal Reserve issues late in the trading session its Beige Book, which is a look at economic conditions around the nation, and it will be used on June 24 when the Fed begins a two-day meeting to set interest rates.

Back to you -- Carol.

COSTELLO: OK, Susan, we'll get back to you in the next half hour, many thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com






Aired June 11, 2003 - 06:17   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz right now though. Federal Reserve Chairman Alan Greenspan is warning the country is facing a gas problem.
Let's head live to New York and Susan Lisovicz.

Are we talking petrol or natural?

SUSAN LISOVICZ, CNN FINANCIAL NEWS CORRESPONDENT: Natural we're talking about. You know now that oil prices have stabilized, we have another energy problem to worry about. The Fed chairman says he's worried that the economy could be hurt by the sharp spike in natural gas prices. He appeared on Capitol Hill to talk about that very issue.

The price of natural gas is nearly twice as high as last year. The government says that current supplies for natural gas are especially low for this time of year because demand was so high this winter. And of course we may be paying the price. Consumers probably won't feel the pinch until next winter when the shortage is expected to be exacerbated, but businesses are already feeling the pinch. So yet another thing to worry about -- Carol.

COSTELLO: Something else we have to be concerned about.

LISOVICZ: Exactly.

COSTELLO: Quick look at the futures.

LISOVICZ: Higher. Yesterday the market finished higher shaking off a warning from Nokia. The Dow industrials gaining three quarters of a percent, closing back above the 9,000 level. The Nasdaq composite, meanwhile, rose 1.5 percent.

In economic news today, the Federal Reserve issues late in the trading session its Beige Book, which is a look at economic conditions around the nation, and it will be used on June 24 when the Fed begins a two-day meeting to set interest rates.

Back to you -- Carol.

COSTELLO: OK, Susan, we'll get back to you in the next half hour, many thanks.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com