Energy Price Surge to Serve as "Drag" on Economy: Greenspan.

(From Jiji)

Tokyo, Oct. 18 (Jiji Press)--U.S. Federal Reserve Chairman Alan Greenspan on Tuesday expressed concern that recent oil price surges will serve as a "drag" on the global economy.

"Although the global economic expansion appears to have been on a reasonably firm path through the summer months, the recent surge in energy prices will undoubtedly be a drag from now on," he said.

The oil price spike "effectively presented a tax that drained purchasing power from oil consumers," the visiting Fed chief said in the text of a speech prepared for delivery at a lecture meeting sponsored by three Japanese business groups, including the Japan Business Federation, the biggest …