Oil prices cause recession
11 May 2009 World oil prices rose from $50 per barrel in early 2007 to $140 per barrel in On June 19, militant attacks in Nigeria caused Shell to shut in an 8 Mar 2011 Hamilton is not arguing that oil price shocks are the sole cause of recessions, but that they tip an already vulnerable economy into contraction. Risks are rising that oil prices will cause next recession The last five economic recessions all were preceded by a spike in crude oil prices. The recent rise in the price of oil has raised the likelihood of a recession, As Warren Buffett said back in July 2008, as the price of gas went above