by Calculated Risk on 2/16/2014 11:19:00 AM

Just though I'd look at this ... below is a graph of expenditures on energy goods and services as a percent of total personal consumption expenditures.

This is one of the measures that Professor Hamilton at Econbrowser looks at to evaluate any drag on GDP from energy prices.

Click on graph for larger image.

Data source: BEA Table 2.3.5U.

The huge spikes in energy prices during the oil crisis of 1973 and 1979 are obvious. As is the increase in energy prices during the 2001 through 2008 period.

Currently energy prices aren't much of a drag on the economy, and hopefully energy prices are resuming their down trend as a percent of PCE.