War, oil caused most U.S recessions since 1950

WASHINGTON – Wars and sharp spikes in oil prices were behind most of the seven recessions in the United States since the Great Depression.

Following is a list of recessions since 1950:

1953 — Inflation caused by spending during the Korean War prompted the Federal Reserve to tighten monetary policy, causing a one-year recession.


1957-1958 — A recession hit developing countries the hardest because industrial nations sharply cut their purchases of minerals and farm products. U.S. unemployment rose during this period but, unusual for a recession, prices did also.

1973-1975 — The Organization of Petroleum Exporting Countries, or OPEC, quadrupled oil prices. That and the ongoing expense of the Vietnam war caused two years of inflation with little or no growth.

Reuters