Ed Morse of Citi writes a sobering commentary on oil prices in the Financial Times, and includes this comment:
The
biggest problems, however, appear to lie in the impact of prices on the
global economy. From a global perspective, total energy costs are about
10 per cent of global gross domestic product, a level last seen in the
late 1970s. In the US, oil costs are above 4.5 per cent of GDP and for
the world as a whole oil spending is 5.4 per cent of GDP, both creeping
up to the record world level of 7.3 per cent.
Does anyone have a time series of world energy costs vs. GDP?
5 comments:
When I click on the graph, it comes up over a black background - impossible to read the axes.
-1-Mark B.
1987 to 2012
0 to $140
also try this:
http://upload.wikimedia.org/wikipedia/commons/0/0f/Brent_Spot_monthly.svg
Hmm. That's a really quick jump. I had it at 8% of GDP in 2010, IIRC. Mark somebody or other at a Rockefeller institution in Manhattan was publishing regularly on this. I'll check and get back to you.
Spoilt for choice...
https://www.google.com/search?rlz=1C1TSNP_enUS467US467&q=world+energy+costs+and+gdp&um=1&ie=UTF-8&hl=en&tbm=isch&source=og&sa=N&tab=wi&authuser=0&ei=7MpPT-ncEKrkiALshZS1Bg&biw=1366&bih=667&sei=AstPT9rOKrDZiQKE2qy0Bg
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