The five most recent U.S. recessions:

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The most recent U.S. recessions (2008-2009, 2001, 1990-1991, 1981-1982, and 1973-1975) were all preceded by negative oil price shocks. For example, the 2008-2009 recession was triggered by a sharp increase in oil prices in 2007-2008, followed by a collapse in oil prices in 2008. This had a ripple effect throughout the economy, contributing to the collapse of the housing market and financial sector. Likewise, the 1973-1975 recession was caused by the OPEC oil embargo, which led to a sharp increase in oil prices and inflation.

The Five Most Recent U.S. Recessions