U.S. Oil Consumption and Growth over Time Until 1973, the real price of oil was relatively cheap 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 deliver growth despite cutting back on oil consumption.Sources: Energy Information Administration; FRED; Bureau of Economic Analysis.