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South central kansas | This is from an article from Macromicro:
Energy Supply Structure: In the 1970s, OPEC crude oil production accounted for over 50% of the global total. Today, however, the United States has emerged as a major energy-producing powerhouse, accounting for up to 20% of global production. This means that any negative impacts of high oil prices on employment, economic activity, and spending will be offset, to a certain extent, by increased profits for US oil companies and potentially an expansion in drilling activities.
Energy Dependency: With advancements in technology and energy efficiency, energy's share of overall consumption and GDP has been steadily declining. Energy-related expenditures as a percentage of overall Personal Consumption Expenditures (PCE) have dropped from around 40% in the 1970s to 24% today. Furthermore, the energy intensity of GDP (calculated by energy usage) has dropped significantly by nearly 40% since 2000. This indicates that even if oil prices soar today, it would be extremely difficult to replicate the scale of inflation and economic shocks seen in the 1970s.
Edited by zenfarm 4/11/2026 12:47
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Georgetown University think tank on this “largest energy disruption in history.”
