[单选题]PASSAGETHREE(1)Couldthebadolddaysofeconomicdeclinebeabouttoreturn?SinceOPECagreedtosupply-cutsinMarch,thepriceofcrudeoilhasjumpedtoalmost10lastDecember.Thisnear-triplingofoilpricescallsupscarymemoriesofthe1973oilshock,whenpricesquadrupled,and1979-1980,whentheyalsoalmosttripled.Bothpreviousshocksresultedindouble-digitinflationandglobaleconomicdecline.Sowherearetheheadlineswarningofgloomanddoomthistime?(2)TheoilpricewasgivenanotherpushupthisweekwhenIraqsuspendedoilexports.Strengtheningeconomicgrowth,atthesametimeaswintergripsthenorthernhemisphere,couldpushthepricehigherstillintheshortterm.(3)Yettherearegoodreasonstoexpecttheeconomicconsequencesnowtobelessseverethaninthe1970s.Inmostcountriesthecostofcrudeoilnowaccountsforasmallershareofthepriceofpetrolthanitdidinthe1970s.InEurope,taxesaccountforuptofour-fifthsoftheretailprice,soevenquitebigchangesinthepriceofcrudehaveamoremutedeffectonpumppricesthaninthepast.(4)Richeconomiesarealsolessdependentonoilthantheywere,andsolesssensitivetoswingsintheoilprice.Energyconservation,ashifttootherfuelsandadeclineintheimportanceofheavy,energy-intensiveindustrieshavereducedoilconsumption.Software,consultancyandmobiletelephonesusefarlessoilthansteelorcarproduction.ForeachdollarofGDP(inconstantprices)richeconomiesnowusenearly50%lessoilthanin1973.TheOECDestimatesinitslatestEconomicOutlookthat,ifoilpricesaveraged13in1998,thiswouldincreasetheoilimportbillinricheconomiesbyonly0.25-0.5%ofGDP.Thatislessthanone-quarteroftheincomelossin1974or1980.Ontheotherhand,oil-importingemergingeconomies—towhichheavyindustryhasshifted—havebecomemoreenergy-intensive,andsocouldbemoreseriouslysqueezed.(5)Onemorereasonnottolosesleepovertheriseinoilpricesisthat,unliketherisesinthe1970s,ithasnotoccurredagainstthebackgroundofgeneralcommodity-priceinflationandglobalexcessdemand.Asizableportionoftheworldisonlyjustemergingfromeconomicdecline.TheEconomist'scommoditypriceindexisbroadlyunchangingfromayearago.In1973commoditypricesjumpedby70%，andin1979byalmost30%.33.TheestimatesinEconomicOutlookshowthatinrichcountries
