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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
Graph showing the five times that major oil price shocks disrupted world energy markets. For more detailed information, see the table below.

 

Supporting Information

Oil Price and Economic Growth, 1970-2008
Year Gross Domestic Product
Growth Rate
Oil Price
2008 constant
dollars per barrel
1970 0.17% $12.35
1971 3.36% $12.45
1972 5.29% $11.87
1973 5.76% $13.03
1974 -0.50% $26.12
1975 -0.19% $27.31
1976 5.33% $27.09
1977 4.62% $27.98
1978 5.57% $27.23
1979 3.16% $35.76
1980 -0.23% $51.94
1981 2.52% $59.61
1982 -1.94% $50.81
1983 4.52% $44.46
1984 7.19% $42.32
1985 4.13% $38.37
1986 3.47% $20.42
1987 3.38% $24.45
1988 4.13% $19.38
1989 3.54% $22.88
1990 1.88% $27.23
1991 -0.17% $22.57
1992 3.33% $21.33
1993 2.67% $18.57
1994 4.02% $17.27
1995 2.50% $18.71
1996 3.70% $22.07
1997 4.50% $19.96
1998 4.18% $12.98
1999 4.45% $17.89
2000 3.66% $28.26
2001 0.75% $22.41
2002 1.60% $23.13
2003 2.51% $26.81
2004 3.64% $33.78
2005 2.94% $44.45
2006 2.78% $51.63
2007 2.03% $56.70
2008 1.11% $77.38

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

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