The High Cost of Energy is Leading the Economy into Recession

The High Cost of Energy is Leading the Economy into Recession

from OilPrice.com Daily News Update by postcarbon@oilprice.com (Post Carbon)

Energy is everything. Without energy literally nothing happens. It's easy to overlook the role of energy in the economy because we often just look at it as how much we spend on energy as a fraction of total GDP. But that really is misleading. Because if you take away energy, the GDP doesn't just contract by that percentage, the GDP disappears.If suddenly there was no petrol at the pump; if suddenly the lights went out and did not come back on, the economy would go away. Energy is central to all economic activity. Up until the last couple of hundred…Read more...http://oilprice.com/Energy/Energy-General/The-High-Cost-of-Energy-is-Leading-the-Economy-into-Recession.html