Global Economy's Oil Dependency Declines Since 1970s, Bank of America Reports

On April 11, Jin10 reported that a Bank of America research note dated April 10 highlighted a significant reduction in the global economy's dependency on oil since the 1970s. According to Jin10, the amount of oil required to produce the same scale of GDP today is only one-third of what was needed in the 1970s. The OPEC crisis and subsequent oil shocks were once considered severe stagflation events. However, the current economy is more resilient to similar energy shocks.