No. What happened was that in the 70s energy got expensive. As renewables and battery tech get cheaper, we'll see bigger gains across the board. The "evil bankers" stuff is mostly a just so story to explain away the slowing of real growth for the last 40 years.
Evidently my previous guess (in another exchange upthread) that the Fed data was adjusted for inflation was incorrect. Here's an inflation adjusted chart of crude oil prices:
Still nope. What you’ve done is a very elaborate exercise in point missing, not that I’m surprised. Take a look at that chart again and do some thinking. There’s a reason for using nominal prices to illustrate what happened after the oil shock. The flat line that suddenly begins to jump around like a spastic house cat illustrates a very specific point. Anyway, I should know better than to engage with you people.
This comment section is nothing if not predictable.
