Oil may return to $100 a barrel, but it would have much less of an impact on the global economy than when prices hit that level in 2011, according to Bloomberg Economics’ simulations. The amount of oil needed to produce a unit of output has been on a steady downward trend for decades and improvements in energy efficiency and a shift in the industrial structure in many advanced economies help explain this downshift. If the general level of prices and energy usage had been the same in 2011 as they are now, $100 oil then would have felt more like $79, BE research shows. – Bloomberg

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