Oil: Inflation adjusted
Here's a terrific chart from our friends over at Chart of the Day.
When you adjust the price of oil (and thus, gasoline) for inflation, relative to the past its merely more expensive than it was -- but not outrageously so. Indeed, energy now consumes about 2-3% of GDP, down from 15% (if memory serves me) 30 years ago.
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In a way this is discouraging because it says that oil prices are high enough to slow our economy but too low to encourage conservation and alternative energy development. The worst of both worlds!
Posted by: camille roy | Aug 18, 2004 1:55:18 PM
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