Writer Stirling Newberry is of the opinion that the high price of oil has less of an impact on the US economy now than it did in 1980 for several reasons, among them the waning influence of manufacturing on total petroleum demand.
Could this be a modest glimmer in the otherwise dismal NAFTA/CAFTA/offshoring-in-general picture?
In other words, are Asian economies in particular at a disadvantage because of their dependence on oil to keep their manufacturing facilities running? Or do they power their plants with alternative energy sources?
I have no idea, just asking the questions.