Fact #742: August 27, 2012
Oil Price and Economic Growth
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. | ||