This study investigates whether financial markets price the uncertainty surrounding the Fed speeches encompassing energy-related discussions. We attempt to quantify select aspects of the energy-related discussion in Fed speeches, and examine their impact on important financial market variables, namely, the equity risk premium (ERP) and volatility. The results provide evidence that the proportion of energy-related discussion in the Fed speeches positively affects ERP and index volatility. Furthermore, we show that the Dovishness of such discussions alleviates the uncertainty caused by energy- related concerns, and in turn, reduces the next day volatility. This underscores the importance of energy-related discussion in Fed speeches, and suggests that the US financial market requires a compensation for the uncertainty caused by such discussions.