Are Oil Prices a Threat to the U.S. Economy?
No, according to this video presentation by Fisher Investments,where they feature three charts to support the position that today's high oil prices don't pose a threat to the economic expansion:
a) energy spending as a percent of disposable income is only 5.2% allowing to absorb temporarily high oil and gas prices, b) we have the most energy efficient economy in history, with oil consumption per real dollar of GDP at an all-time low, and c) while real output is now above its pre-recession level, U.S. oil consumption is 2 million bbls. per day below pre-recession levels. Taken together, these three factors explain why we're better prepared for higher oil and gas prices than ever before.