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In the late 70's, energy was 15% of GDP, so when the Carter crisis hit, it had a profound effect on the economy. Now energy is only 7% of GDP, so we've a ways to go before there are any profound effects on the economy. This present economy has more capacity to absorb the oil spikes. Also saw this tidbit on the news (ABC Evening News). In the 1980's we had 300+ refineries putting out 19 million(?) gallons a day. Now we have less than 150 putting out 16 million(?) gallons a day. The price for heavy crude is about $14 a barrel less than the price for sweet crude, yet our refineries aren't designed to refine the heavier but cheaper crudes. Wouldn't you think output would have gone up to match the growth in demand instead of going down in the last two decades? We don't just need more refineries, WE NEED MORE REFINERIES ASAP! (....and now for jeaton's pleasure....) At least our pipelines are OA![:D] If our pipelines were still closed access, we'd be paying double what we pay now to ship the fuel nationwide.[V]
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