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 and Economic Growth, 1970-2008
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Supporting Information

Oil Price and Economic Growth, 1970-2008
YearGross Domestic Product
Growth Rate
Oil Price
2008 constant
dollars per barrel
19700.17%$12.35
19713.36%$12.45
19725.29%$11.87
19735.76%$13.03
1974-0.50%$26.12
1975-0.19%$27.31
19765.33%$27.09
19774.62%$27.98
19785.57%$27.23
19793.16%$35.76
1980-0.23%$51.94
19812.52%$59.61
1982-1.94%$50.81
19834.52%$44.46
19847.19%$42.32
19854.13%$38.37
19863.47%$20.42
19873.38%$24.45
19884.13%$19.38
19893.54%$22.88
19901.88%$27.23
1991-0.17%$22.57
19923.33%$21.33
19932.67%$18.57
19944.02%$17.27
19952.50%$18.71
19963.70%$22.07
19974.50%$19.96
19984.18%$12.98
19994.45%$17.89
20003.66%$28.26
20010.75%$22.41
20021.60%$23.13
20032.51%$26.81
20043.64%$33.78
20052.94%$44.45
20062.78%$51.63
20072.03%$56.70
20081.11%$77.38

Source: Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 28, Figure 3.1, June 2009.

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