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The third slide says, "... the US is consuming the least oil per dollar of GDP in more than 40 years...". That is intriguing. If I am thinking correctly, it me
by 11thEarlOfMar 11y ago
The third slide says, "... the US is consuming the least oil per dollar of GDP in more than 40 years...".
That is intriguing. If I am thinking correctly, it means:
A. The US has become more efficient, and/or,
B. The US 'product mix' has shifted away from goods/services that consume oil.
Given the loss of manufacturing in the 70s & 80s, perhaps it is more of B. We are flying a lot more and having goods purchased online delivered to us, so that would point away from A. Hmm....
- deciplex 11y ago> Given the loss of manufacturing in the 70s & 80s Loss of manufacturing jobs. Output has increased.
- mistermann 11y agoDepends largely on how you are measuring oil: in barrels, or in dollars. In dollars, there's currently a "60%+ off sale" going on. EDIT: After actually RTFA, it's in barrels. So unless that chart is inflation adjusted, it's rather meaningless.