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Wednesday, March 07, 2012

Falling oil consumption is rare and, in the absence of recession, almost unprecedented. In fact, the United States has only experienced declining oil consumption without an accompanying recession once -- during a 12-month period from 1980 to 1981. In every other instance -- 1973, 1979, 1981, 1990, 2001, and 2008 -- a fall in oil use has gone hand in hand with recession. And, in each case but 2001, rising oil prices were implicated as a cause of the economic slowdown.

http://www.foreignpolicy.com/articles/2012/03/05/the_petrostates_of_america

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