Was that 2Q GDP Number Phony?

Back to blog

OIL IN GDP

James, thanks for your thoughtful insight on CNBC. I really enjoy your input in these turbulent times.

I am a retiree of 6 months- 48+ yrs with IBM in Engineering and Program Mgt. Have seen many cycles over the yrs. I am a member of AAII (American Association of Individual Investors). Saturday we had a lively event with two speakers and I challenged one speaker (an economist) on his GDP statements. I am under the impression that Imported OIL is not scored in the import part of the GDP equation. Is this true? I recall this being discussed very recently on Kudlow (who was surprised- so I take its not well known)..

Can you verify the statement and point me to a reference?

Thanks in advance, Bill Jump

William Jump of CA @ Sep 22, 2008 00:05:42 AM

Back to blog

Add Your Thoughts
About You
Capital Commerce

Capital Commerce

U.S. News business reporter Matthew Bandyk examines the issues, people, and debates that shape the nexus of political and economic life in the nation's capital.

advertisement

advertisement

Subscribe

U.S. News Digital Weekly

A weekly insider's guide to politics and policy — in a multimedia, digital format. 52 issues for $19.95!

U.S. News & World Report

6 months of U.S. News & World Report's print edition for only $15. Save up to 67% off the cover price!