Fact #495: November 12, 2007
Oil Price and Economic Growth, 1971-2006
Major oil price shocks have disrupted world energy markets four times in the past 30 years – 1973-74, 1979-80, 1990-1991 and 1999-2000. Each of the first three oil price shocks was followed by an economic recession in the U.S. The GDP has continued to grow despite the rising oil prices in recent years (2002-2006).
Oil Price and Economic Growth, 1970-2006
Supporting Information
| Year | Gross Domestic Product Growth Rate | Oil Price (2000 constant dollars per barrel) |
|---|---|---|
| 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 | 4.17% | $ 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 | 3.07% | $ 44.46 |
| 2006 | 2.87% | $ 51.68 |
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Note: Oil price is the composite refiner acquisition cost. | ||
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