Dude, you practice selective reading. It also says . . .
The rule of thumb among economists is that a 25-cent increase in gas knocks $25 billion to $30 billion off consumer spending in a year and lowers economic growth by 0.2 percentage points, says Carl Riccadonna, senior economist at Deutsche Bank.
Jumps in oil and gas prices triggered recessions in 1973 and 1990, and gas prices last peaked months before the financial crisis shook markets in 2008.
It says no such thing, but it does say this. . .
With gas prices rising steadily and about 33 cents a gallon higher than they were a year ago, some other economists worry that high gas prices could be the tipping point that brings on a new downturn. It's one of the factors blamed for the softening in the economy in the second half of 2011.
Americans used 134 billion gallons of gas last year, so paying an extra 33 cents a gallon is the equivalent of a $44 billion tax increase. Of course, that drag could grow if prices hit record levels, as many fear.
Dude the report is from 2006 and thus can't include the high gas prices that accompanied the recession of 2008. You also fail to mention that the "growth" from 2001 to 2004 was the economy climbing out of the hole of the 2001 recession.
Funny how you missed this in the abstract of the report . . .
Although there is wide agreement that high oil prices have negative effects on U.S. macroeconomic variables, the magnitude and duration of the effects are uncertain. For example, most of the major economic downturns in the United States, Europe, and the Asia Pacific region since the 1970s have been preceded by sudden increases in crude oil prices. Although other factors were important, high oil prices played a critical role in substantially reducing economic growth in most of these cases.
You aren't paying attention again. I have never "clamored to manage oil prices", indeed I stated early in the thread that gas prices are controlled by supply and demand and impossible to manage.
The topic is not about individuals buying gas, for the tenth time. Everybody practices conservation, you are stating the obvious.
The topic is about how high gas prices adversely affect the economy and how little Presidents can do about it.
