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.

Leave a Reply

Your email address will not be published. Required fields are marked *