This chart shows that U.S. oil use per unit of economic output has steadily declined over time. As a result, the economy is less sensitive to oil price shocks, with smaller effects on inflation and growth, helped further by increased efficiency and the U.S. becoming a net oil exporter.

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Payden and Rygel

Payden & Rygel is one of the largest privately-owned global investment advisers. Founded in 1983, they manage fixed income and equity portfolios through domestic and international solutions.

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