About The Author

Gbadebo, Paul, David, Rocio, and Megan are research scientists at the Oak Ridge National Laboratory (ORNL) and UT-Battelle under contract with the US Department of Energy.

Oil Price Shocks And The U.S. Economy: An Updated Synthesis Of Impact Estimates

Petroleum use in the United States (U.S.) in 2016 was 5 percent lower than in 2005, and imports declined by 26 percent over the same period. Still, petroleum continues to account for 92 percent of all transportation fuels in the U.S. Oil market shocks, arising from conflicts in the world’s oil-producing regions and transportation areas,