Oil consumption is about 3% of world GDP, and oil price changes can influence inflation and GDP. Oil consumption (b/d) increased about 17% between 2006 and 2019 (from 85 to 100 million b/d). No signs of peak oil yet.
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“The world price of oil was above US$125 per barrel in 2012, and remained relatively strong above $100 until September 2014, after which it entered a sharp downward spiral, falling below $30 by January 2016”
https://en.wikipedia.org/wiki/Peak_oil#/media/File:World_ene…
https://en.wikipedia.org/wiki/2010s_oil_glut
Fed’s Powell: Ukraine war impact uncertain but could hit spending, investment, March 3, 2022
“Under rough rules of thumb that Powell provided, the jump in oil from around $75 a barrel in late December to around $110 on Thursday, if it lasts, could add nearly 0.9 percentage point to headline inflation and cut nearly half a percentage point from economic growth”
https://www.reuters.com/business/feds-powell-ukraine-war-imp…
World GDP 85 trillion USD (2020)
World oil consumption 1.3 trillion USD (2020)
1.3 / 85 = 1.5%
3.7 / 85 = 4.3%
The world consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020. WTI Crude Oil 2020 price was $39.17.
92.2 * 366 * 39.17 / 1,000,000 = $1.3 trillion
possible 2023: 100 * 365 * 100 / 1,000,000 = $3.7 trillion
https://www.eia.gov/todayinenergy/detail.php?id=46596
https://www.eia.gov/outlooks/steo/report/prices.php