Energy and the economy - Efficiency helps soften impact of higher gas price
When the price of crude oil reached $100 a barrel last week -- hitting a mark 44 percent higher than in August -- economists offered up a timely history lesson. A few decades ago, they pointed out, a spike like this would have had a much greater impact on the U.S. economy. Energy expenses account for about 7 percent of the gross domestic product today -- roughly half the percentage in 1981.
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