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Over the last 60 years, the amount of oil required to generate $1,000 worth of GDP output has fallen by approximately 94.2%, from 5.3 barrels per dollar in 1965 to 0.3 barrels in 2024.
This is described in some quarters as the “oil intensity” of economies.
At first glance, this appears to be a brilliant development, and in many ways it is; economies can now generate far more output in real dollar terms from the same amount of energy as before.
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About the author
Tarric is an Australian freelance journalist and independent analyst who covers economics, finance, and geopolitics. Tarric is the author of the Avid Commentator Report. His works have appeared in The Washington DC Examiner, The Spectator, The Sydney Morning Herald, News.com.au, among other places.