The U. S Economy

"The most remarkable thing is the ability of the U.S. economy to absorb record-high oil prices without going inflationary. This is because oil consumption in the United States today is not much higher than it was in the 1970s. It is not simply a matter of efficiency; it is also a reward for de-industrialization. By shifting from an industrial to a technological/service-based economy, the United States insulated itself from commodity-driven inflation."

- George Friedman, Stratfor Geopolitical Intelligence Report

Read "The U. S Economy and the Next 'Big One' " in its' entirety here.