Observerbrb wrote:After all, if US grows at 0.5% YoY with 50$ oil, it will grow at 3% with 90$ oil??!!
If the US only grows at 0.5% YOY over time (say a few years, so it's actually a trend), according to CREDIBLE sources, be sure and get back to us.
Meanwhile, people are buying gas guzzling EXPENSIVE sedans and SUV's and pickups, and new cars overall in near record numbers in the US, for multiple years now. So how does that equate to them not being able to "afford oil products"?
Why could they afford them just fine in 2010-2014, with the average price of oil close to $90?
Why does the global consumption of oil grow EVERY year except 2009 in recent times, if people can't afford to buy it?
Making short term economic doomer projections and being constantly wrong, each and every time, year after year makes you less than credible, whether you can see that or not.
...
By the way, long term, due to global BAU growth, AGW, etc. I'm a pessimist. But that doesn't translate to ignoring all the mainstream economic data out there and going tinfoil on short term doomerism all the time, IMO.