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
Supporting Information
Year | Gross Domestic Product Growth Rate | Oil Price (Constant 2005 dollars per barrel) |
---|---|---|
1970 | 0.19% | $13.97 |
1971 | 3.36% | $14.09 |
1972 | 5.31% | $13.43 |
1973 | 5.79% | $14.75 |
1974 | -0.55% | $29.55 |
1975 | -0.21% | $30.90 |
1976 | 5.36% | $30.66 |
1977 | 4.60% | $31.65 |
1978 | 5.58% | $30.81 |
1979 | 3.13% | $40.46 |
1980 | -0.28% | $58.73 |
1981 | 2.54% | $67.42 |
1982 | -1.94% | $57.47 |
1983 | 4.52% | $50.28 |
1984 | 7.19% | $47.86 |
1985 | 4.14% | $43.41 |
1986 | 3.46% | $23.10 |
1987 | 3.20% | $27.62 |
1988 | 4.11% | $21.88 |
1989 | 3.57% | $25.83 |
1990 | 1.88% | $30.75 |
1991 | -0.23% | $25.47 |
1992 | 3.39% | $24.06 |
1993 | 2.85% | $20.96 |
1994 | 4.07% | $19.50 |
1995 | 2.51% | $21.11 |
1996 | 3.74% | $24.90 |
1997 | 4.46% | $22.50 |
1998 | 4.36% | $14.63 |
1999 | 4.83% | $20.16 |
2000 | 4.14% | $31.85 |
2001 | 1.08% | $25.30 |
2002 | 1.81% | $26.14 |
2003 | 2.54% | $30.31 |
2004 | 3.47% | $38.21 |
2005 | 3.07% | $50.24 |
2006 | 2.66% | $58.35 |
2007 | 1.91% | $63.96 |
2008 | -0.34% | $87.25 |
2009 | -3.49% | $54.03 |
2010 | 3.03% | $69.10 |
2011 | 1.74% | $89.91 |
Source: Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 31, Figure 1.3. |