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Passage Three
Could the bad old days of economic decline be about to return Since OPEC agreed to supply-cuts in March, the price of crude oil has jumped to almost $ 26 a barrel, up from less than $10 last December. This near-tripling of oil prices calls up scary memories of the 1973 oil shock, when prices quadrupled, and 1979 1980, when they also almost tripled. Both previous shocks resulted in double-digit inflation and global economic decline. So where are the headlines warning of gloom and doom this time
The oil price was given another push up this week when Iraq suspended oil exports. Strengthening economic growth, at the same time as winter grips the northern hemisphere, could push the price higher still in the short term.
Yet there are good reasons to expect the economic consequences now to be less severe than in the 1970s. In most countries the cost of crude oil now accounts for a smaller share of the price of petrol than it did in the 1970s.
A. heavy industry becomes more energy-intensive.
B. income loss mainly results from fluctuating crude oil prices.
C. manufacturing industry has been seriously squeezed.
D. oil price changes have no significant impact on GDP.