Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income.

But clearly an economy that's growing and expanding like this one - and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong - that's an environment in which the Fed needs to continually be alert to early signs of inflation.

Higher energy prices act like a tax. They reduce the disposable income people have available for other things after they've paid their energy bills.

Well, I think the best thing we can do for the short term is move good energy legislation through to the Congress; I'm encouraged that there's some prospect for that now.

And one of our points of continuing conversation with our trading partners is the urgency of their taking steps to remove barriers to their improved growth performance.

Higher energy prices act like a tax.

We can get more energy out of the north slope of Alaska; we have available the ability to make ourselves less dependent on those uncertain sources of supply from the Middle East. And it's important we do that.