Energy prices remain stable for years, then spike, then revert back to old levels. Occasionally as in the 1970s during the Oil Embargo and Energy Crisis they really spike. And in 2021-2022, thanks to the Ukraine war, they rocketed up again. But how much impact do these episodes have on the economy? We decided to look at the question like this: how big are expenditures to consume energy in relation to gross domestic product (GDP). Figure 1 shows energy expenditures as a percent of GDP for the Organization for Economic Cooperation and Development…
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