U.S. Department of Energy - Energy Efficiency and Renewable Energy
Vehicle Technologies Office
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
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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