Saturday, May 9, 2009
Responding to a reader's question, I updated this chart using the latest GDP data. Even when oil prices were at their peak last year, the average consumer spent less than 7% of his income on energy. Today that has fallen to a little over 5%, and it has only been lower in a handful of years. As a nation, we have become much more energy-efficient since the early 1980s, mainly in response to rising energy costs.
Posted by Scott Grannis at 11:59 AM