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?
