Oil Price and Economic Growth, 1970-2008
July 13, 2009
Major oil price shocks have disrupted world energy markets five times in the past 30 years – 1973-74, 1979-80, 1990-1991, 1999-2000 and again in 2008. Most of the oil price shocks were followed by an economic recession in the U.S.
Oil Price Shocks and U.S. Economic Recessions, 1970–2008
Source
Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 28, Figure 3.1, June 2009.