Notably, the slower household credit growth was in line with modest increase in personal incomes, while the restrained expansion in mortgage lending was also consistent with a weaker residential property market. In this respect, the ratio of non-performing loans to total credit was modest at just under 5 percent.
Much of the oil displacement occurred by 1985, within a few years of the peak in the real price of oil. Progress in reducing oil intensity has continued since then, but at a lessened pace. *** The extraordinary uncertainties about oil prices of late are reminiscent of the early years of oil development.