Originally Posted by
jerryleber
That 20% represents the biggest energy shock in modern history. A recession is sustained negative GDP and a depression is defined as negative 10% GDP.
The embargo in the 70s, when the spigot actually shut was more of a shock. We were paying about the same for crude 4 years ago (Brent avg was $100) and the world/media wasn't crying about it. 89 was almost $7/gal on the West Coast and in Chicago. GDP for 2025 was 2.1%. Q1 2026 estimates are 1.8-2.3% from what I've seen. Woosah