Where's the Recession?

Economic history suggests that high oil prices (as we've had the last several years) combined with a massive credit crunch (ongoing with the mortgage industry) should lead to a significant recession. Yet this hasn't happened. Why not? Well, Captain Capitalism has a fascinating graph that suggests a pretty good reason- the technological revolution. Specifically, our economy has become far less dependent on oil than it used to be thanks to the computer revolution that allows us to produce far more per unit of energy expended. Just something I found interesting...