Friday, June 06, 2008

Time to declare: Oil Shock 2008

Today is the high time to declare we are officially in oil shock of 2008, beating 70s in prices, but not in terms of the hit to the economy. Nonetheless, nobody should feel complacent about it.

Jim Hamilton has these two graphs to share:

Oil crises in 70s made the economy today less reliant on oil, but don't take it for granted.


Anonymous said...

oh its gonna start effecting the economy far worse than in the 70's - the tsunami of economic devastation is on its way