Much is written and said about the impact of energy imports and natural resources on output. But a basic fact makes it hard for energy imports and natural resources to matter as much as people seem to think they do: natural resources account for a small share of GDP–on the order of 1% = .01, and energy imports measured as a fraction of GDP are also on the order of 1% = .01. Even a 20% increase in the price of imported oil, for example, should make overall prices go up something like a .01 * 20% = .2%. It should take a huge increase in the price of oil to make overall prices go up by even 1%. Am I missing something?
It is a little dated, but here is what I found online about oil imports as a percentage of GDP. (I’ll gladly link to a more recent graph instead if there is one.) 2% of U.S. GDP is near the high end for the value of our oil imports in the past. And here are World Bank numbers for factor payments to natural resources as a percentage of GDP.