Author downplays current Middle East-related oil shock, arguing it's far less dangerous than 1970s shocks because the U.S. is more energy independent. Notes energy costs now represent a smaller share of GDP, implying reduced macroeconomic and inflationary risk from today's supply disruption.
Author downplays current Middle East-related oil shock, arguing it's far less dangerous than 1970s shocks because the U.S. is more energy independent. Notes energy costs now represent a smaller share of GDP, implying reduced macroeconomic and inflationary risk from today's supply disruption.
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neutral
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