The Historical “Roots†of U.S. Energy Price Shocks

Hillard Huntington

The Energy Journal, 2017, vol. 38, issue 5, 1-16

Abstract: Sustained energy price increases in the United States have preceded declines in economic activity as far back as 1890. This finding applies to two different his-torical GDP data sets. It suggests a much longer national experience with rising energy prices that began well before the period after World War Two. This prob-lem emerged well before the U.S. transition towards petroleum products when coal was an important energy source. This relationship varies with the state of the economy and appears less evident during some periods, as in the years fol-lowing the 1929 stock market crash.

Keywords: Economic history; Supply shocks; Energy and the economy; Oil (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:sae:enejou:v:38:y:2017:i:5:p:1-16

DOI: 10.5547/01956574.38.5.hhun

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