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Major oil price shocks have disrupted world energy markets five times in the past 30 years (1973-74, 1979-80, 1990-91, 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
Graphic showing oil prices compared to the gross domestic product growth rate from 1970 to 2011. See table below for more detail

 

Supporting Information

Oil Price and Gross Domestic Product Growth Rate, 1970-2011
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.

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