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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (13689)10/19/2004 4:27:35 PM
From: KyrosL  Read Replies (1) | Respond to of 116555
 
One of the misconceptions about oil is that as a percent of GDP it's only half of what it was back in the late seventies and early eighties during the last oil spike, so the effect of high oil prices is only half now compared to then.

But the share of imported oil has doubled (from nearly 30% then to nearly 60%) since the seventies. So the same percentage of GDP needs to leave the US to buy oil now as then.


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