NEW YORK (CNN/Money) - So this morning the Monetary Oracle, Mr. Alan Greenspan, will give us his latest look at the economy - we hope - as he speaks to a group of bankers here in New York City.

The most interesting question, if he deigns to address it, has to be oil -- in particular what the Fed chief says about high oil prices and their impact on the economy. Earlier in the year, he dismissed high and rising oil prices as a temporary phenomenon whose impact would be transitory.

Instead oil prices have gotten higher faster than most economists and petroleum analysts had predicted and stayed there.

Yesterday Fed governor Ben Bernanke said that the U.S. economy can withstand the impact as long as oil prices don't go "substantially" higher. There doesn't seem to be too much danger of that.

But if the oil price stays high as it is now, when families go to fill their home heating oil tanks, or start using more natural gas to heat their homes this winter, many will get an unpleasant surprise. After all, you can drive your car less, or drive the old clunker that uses less gas or even car pool (!). But you can only wear so many sweaters.

It will be interesting to see how Mr. G. factors this into his energy + economy equation.  

Kathleen Hays anchors CNN Money Morning and The FlipSide, airing Monday to Friday on CNNfn. As part of CNN's Business News team, she also contributes to Lou Dobbs Tonight.