Monday, April 13, 2009
Since oil prices started rising in the early 1970s, the U.S. economy has responded by becoming increasingly more energy efficient. Our economy has grown over 160% since 1973, but our consumption of oil (first chart) has only risen a little over 12% during that same period. That translates into a 65% reduction in the amount of oil needed to produce a unit of GDP (second chart). These are remarkable statistics that are being neglected in the debate over our carbon emissions and our so-called dependence on foreign oil.
Posted by Scott Grannis at 9:14 AM