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To: GST who wrote (110909)10/22/2000 7:41:45 PM
From: Lizzie Tudor  Read Replies (1) of 164684
 
Our oil dependence has not improved

GST I certainly don't want to get into your's and William's discussion on the middle east peace process... (I've got enough to worry about! :-)... but I do think the % of GNP that is dependent on oil has been dramatically reduced since the 70s. I heard a few economists commenting on this on some money shows lately... the entire information sector of the economy which didn't exist in the 70s is immune in a classic sense, etc. Of course everyone is affected if we drop into a recession, I know. But in the 70s the leading industries were still smokestack and that is no longer the case...
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