even at $40, its enough to knock off a chunk from GDP.
I drive a lot. It has not knocked one tiny iota off of my GDP. I have listened to the gurus for 30 years talk about oil as a barometer of the economy. It never has been and never will be unless it goes to about 200% of its real inflation based price. Right now, based on early 1970's prices it is cheaper on a real basis than it was 30 years ago. Oil is a trader's dream and an economist's fluffball.