The U.S. economy is less exposed to oil shocks today than in prior decades

Core Viewpoint - Previous conflicts in the Middle East have historically led to economic recessions, but the current economy is more insulated from oil shocks, although it is still experiencing some strains [1] Group 1 - Historical context indicates that Mideast conflicts have previously resulted in recessions [1] - The current economic environment has mechanisms that provide insulation against oil price shocks [1] - Despite the insulation, there are signs of strain in the economy [1]