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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (63065)	4/30/2005 7:12:35 AM
From: KyrosL	Respond to of 74559

I am constantly amazed at the myopia of economic experts that keep repeating the mantra that oil price rises are only half as important now as back in the seventies and eighties, because oil's share of GDP is only half what it was back then. They invariably forget that the US imports three times as much oil now as back then. So a rise in oil prices now should affect the domestic US economy more than in the seventies and eighties. It's real estate equity extraction and transient outsourcing profits that are masking that devastating effect for the time being.