True, oil dependence has changed a lot since the crisis of 1973 when OPEC held the world at ransom over prices and set in motion one of the longest recessions in 50 years.
Economists estimate the use of oil in the European economy has shrunk to between 1 percent to 2 percent of GDP, versus 2 percent in the US and 3 percent in non-Japan Asia. Back in the 1970s, industrialized countries' oil and gas consumption was 5 percent to 6 percent of GDP.
But the impact of oil remains an important ingredient in the recipe for economic output, affecting profit margins in sectors like the airline and chemicals industry or the demand for cars, in addition to general household spending power and inflation.
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