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By A Smith (anonymous) | Posted May 07, 2012 at 12:47:55 in reply to Comment 76535
>> Are you honestly arguing that the five-fold rise of oil prices over the decade hasn't had an economic effect?
Let's look at history. From 1970-80, nominal oil prices increased from $3.39-$37.42 ($19.71-$102.61 inflation adjusted). In that time, U.S. unemployment averaged about 6.3% and real GDP averaged 3.17%.
From 1980-90, nominal oil prices went from $37.42-$23.19 ($102.61-$39.94 inflation adjusted). Unemployment averaged 7.1% and real GDP averaged 3.24%.
I don't see much difference, do you?
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