"Oil shocks and economic recessions"

Sophisticated stuff from Econbrowser:

I've just completed a new research paper that surveys the history of the oil industry with a particular focus on the events associated with significant changes in the price of oil. Here I report the paper's summary of oil market disruptions and economic downturns since the Second World War. Every recession (with one exception) was preceded by an increase in oil prices, and every oil market disruption (with one exception) was followed by an economic recession.

Summary of significant events since World War II. Source: Hamilton (2011).

Gasoline shortages	Price increase	Price controls	Key factors	Business cycle peak
Nov 47-Dec 47	Nov 47-Jan 48 (37%)	no (threatened)	strong demand, supply constraints	Nov 48
May 52	Jun 53 (10%)	yes	strike, controls lifted	Jul 53
Nov 56-Dec 56 (Europe)	Jan 57-Feb 57 (9%)	yes (Europe)	Suez Crisis	Aug 57
none	none	no	---	Apr 60
none	Feb 69 (7%) Nov 70 (8%)	no	strike, strong demand, supply constraints	Dec 69
Jun 73 Dec 73-Mar 74	Apr 73-Sep 73 (16%) Nov 73-Feb 74 (51%)	yes	strong demand, supply constraints, OAPEC embargo	Nov 73
May 79-Jul 79	May 79-Jan 80 (57%)	yes	Iranian revolution	Jan 80
none	Nov 80-Feb 81 (45%)	yes	Iran-Iraq War, controls lifted	Jul 81
none	Aug 90-Oct 90 (93%)	no	Gulf War I	Jul 90
none	Dec 99-Nov 00 (38%)	no	strong demand	Mar 01
none	Nov 02-Mar 03 (28%)	no	Venezuela unrest, Gulf War II	none
none	Feb 07-Jun 08 (145%)	no	strong demand, stagnant supply	Dec 07

The table above itemizes the particular postwar events that are reviewed in detail in my paper. The paper also provides the following summary discussion...MUCH MORE (read the comments)

I owe someone a hat tip but can't recall which reader this post dropped out of.