Oil Price and Economic Growth
August 27, 2012
Major oil price shocks have disrupted world energy markets five times in the past 30 years (1973-74, 1979-80, 1990-91, 1999-2000, and 2008). Most of the oil price shocks were followed by an economic recession in the United States.
Oil Price and Gross Domestic Product Growth Rate, 1970-2011
Source
Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 31, Figure 1.3.