U.S. Oil Consumption and Growth over TimeUntil 1973, the real price of oil was relatively low and there was a more or less one-to-one relationship between economic growth and oil consumption. Conservation efforts increased sharply after the spike in the real price of oil in the mid-1970s. Yet the U.S. economy was still able to grow despite cutting back on oil consumption.
Sources: Energy Information Administration; Bureau of Economic Analysis.