Huh. At first I was skeptical, but I dug out this 284 page study from the Brookings Institute (available at this NBER site) and they say that the '08 oil shock did so much damage that without it --
it is unlikely that the period 2007Q4–2008Q3 would have been characterized as one of recession for the United States. This episode should thus be added to the list of U.S. recessions to which oil prices appear to have made a material contribution.
It may not have been in the news as much but as for price it was much more violent than the one in the '70's. As far as OPEC goes, everyone likes to think that individuals or small groups if individuals can control the market, but the fact is that while cartels can mess things up in the short run they never last. Supply and demand always wins out.
You have amazing search skills. That was just a gut feeling of mine but you have confirmed my bias’s. At least there is one other guy that thinks that spike was significant. Thanks.