US Energy Consumption as % of GDP
Posted by WARREN MOSLER on July 6th, 2008
US Energy Consumption as Percent of GDP
Interesting how the price hikes get us back to the 1970s ratio. One of the arguments that it was different this time around was that crude is a lower percentage of GDP than it was then.
The pass-throughs to the rest of the price structure are just getting started, and I expect them to persist well past the peak in crude prices.