Abstract
THOSE ATTENDING THE CLOSING luncheon at the National Petrochemical & Refiners Association's (NPRA) International Petrochemical Conference, held April 3-5 in San Antonio, didn't have to go through the heavy security that they did in 2004, when former president George H. W Bush was the honored guest. This year's guest, Federal Reserve Board Chairman Alan Greenspan, addressed the crowd via satellite. Neither did Greenspan warm up the crowd with a string of jokes like Bush did a year ago. Instead, Greenspan simply emerged on the massive screen against the serene backdrop of a bookcase and potted plant and got right to business. Markets for oil and natural gas have been subject to a degree of strain over the past year not experienced for a generation, he began. Greenspan predicted that high energy prices would eventually drive the economy toward fuel efficiency He talked about the need to import liquefied natural gas (LNG) to dampen U.S. natural ...
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