The Peak Oil Crisis: Parsing the GDP

The Peak Oil Crisis: Parsing the GDP: "The important point is that between the $1.44 a gallon gasoline of 2002 and the $4.20 a gallon gasoline of July 2008, the cost of filling our collective fuel tanks, rose by some $2.2 billion a day. With half of this money leaving the country to pay for oil imports, it is not difficult to figure out why the economy has not been doing too well of late. Conversely, when gasoline fell from $4.20 a gallon in July to $1.84 in December of 2008, $1.8 billion a day reappeared in our collective pockets and the economy started to revive."