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
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Supporting Information

Oil Price and Gross Domestic Product Growth Rate, 1970-2011
YearGross Domestic Product Growth RateOil Price (Constant 2005 dollars per barrel)
19700.19%$13.97
19713.36%$14.09
19725.31%$13.43
19735.79%$14.75
1974-0.55%$29.55
1975-0.21%$30.90
19765.36%$30.66
19774.60%$31.65
19785.58%$30.81
19793.13%$40.46
1980-0.28%$58.73
19812.54%$67.42
1982-1.94%$57.47
19834.52%$50.28
19847.19%$47.86
19854.14%$43.41
19863.46%$23.10
19873.20%$27.62
19884.11%$21.88
19893.57%$25.83
19901.88%$30.75
1991-0.23%$25.47
19923.39%$24.06
19932.85%$20.96
19944.07%$19.50
19952.51%$21.11
19963.74%$24.90
19974.46%$22.50
19984.36%$14.63
19994.83%$20.16
20004.14%$31.85
20011.08%$25.30
20021.81%$26.14
20032.54%$30.31
20043.47%$38.21
20053.07%$50.24
20062.66%$58.35
20071.91%$63.96
2008-0.34%$87.25
2009-3.49%$54.03
20103.03%$69.10
20111.74%$89.91
Source: Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 31, Figure 1.3.

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