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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Glenn D. Rudolph who wrote (28376)	4/22/2000 2:56:00 PM
From: Archie Meeties	Read Replies (1) \| Respond to of 42523

Glenn, You're overlooking something; petroleum consumption in terms of GDP seems low because oil was recently very, very cheap. If it accounted for 3% of the GDP when crude was $10, what's the impact of sustained $25 crude? And the 3% figure that is quoted relates to the primary users of petroleum - the ripple effects will extend far beyond just airlines, trucking, plastics, food, etc. On a per capita basis, the US consumes far and away more crude than any other nation, and is more dependent on imported oil than ever before. Without acknowledging that crude is inflationary, this fact alone should make you wary about the longevity of this expansion. Crude will be blamed.