Mar 16, 2012 ... But rising gas prices affect the economy in a lot of ways that aren't immediately obvious. Some of them can even be positive in the long run. Economists have been studying gas-price shocks for decades, from the gas lines of the 1970s to the still-hard-to-explain surge in oil prices in 2008 that pushed U.S. ...
May 20, 2008 ... One of the most common reasons cited for the price jump is supply and demand - we are using more oil, which accounts for 70% of the price of gas, and ... news in early 2006, and combined with Israel's invasion of Lebanon in the summer of that year to cause another spike in gas prices to over $3 a gallon.
In 1980, following the outbreak of the Iran–Iraq War, oil production in Iran nearly stopped, and Iraq's oil production was severely cut as well. Economic recessions were triggered in the United States and other countries. Oil prices did not subside to pre-crisis levels until the mid-1980s. After 1980, oil prices began a 20-year ...
Feb 26, 2014 ... High oil prices blinded the Fed to the growing danger before the crash. ... Fed Governor Kevin Warsh said that "inflation risks, in my view, continue to predominate as the greater risk to the economy," because he thought .... But what was clear was that the insurance giant A.I.G. was going to need a bailout.
Aug 23, 2017 ... Watching what could be the first hurricane to make landfall in Texas since 2008 and dump up to two feet of rain on the heart of the U.S. refining industry. ... traders expect more upward pressure as the storm gets closer to Texas. Oil prices, however, fell because refiners may use less supply due to the storm.
Florida's economy "became a bad economy ... because of a huge spike in oil prices in the summer of 2008."