Federal Reserve Governor Ben Bernanke said the days of cheap oil are likely over, although he expects the economic consequences of higher energy prices will be “manageable.”

Speaking at Dalton College in Albany, Ga., Bernanke also said he believes the Fed will be able to maintain its “measured” pace of rate hikes, in part because inflationary expectations remain low.

“The market’s looking at the combination of higher interest rates and higher oil and sees slowing growth,” said Jim Awad, chairman of Awad Investment Management.

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