[TheThirdRuffian]

“Most of the oil is used in the manufacturing sector.”

Yeah, plastic crap made in China.

This is not the 1970’s. Our economy is not NEARLY as energy dependent.

China, however, is getting screwed. It’s COGS is up, and the dollars it holds in T-Bills totally devalued.

Sucks to be a ChiComm.

[justa-hairyape]

Thus, while oil continues to account for more than 95 percent of all the energy used for transportation in the United States, oil accounts for less than 20 percent of the energy consumed for other, stationary uses, down from 30 percent in 1973.

Above from www.eia.doe.gov. So we have cut our reliance on oil in the stationary sector, but it still supplies 95 % of our transportation energy. Just wait till the truckers go on strike and you local store shelves empty. Truckers can be very volatile also. There was one a few years ago who tried to drive his rig into the California capital building. Got stuck in the entranceway if memory serves me right.