
US oil consumption as % of GDP nears level that has spurred recessions for the past 50 years (FFTT, 1/19/22)
The global economy will fall into recession or worse in 2022, thanks to high energy prices. Yet, no one seems to have noticed. High coal, oil, and natural gas prices will bring about a prolonged global recession, if not a depression. To put this in context, oil prices would have to rise by $225 per barrel to have the same economic impact alone as that of the combined fuel cost increases. Fossil fuel use will be much