History tells us that a surge in fuel costs makes a US recession likely

Ever since the early 1970s, every single time oil prices have spiked sharply (rising by 80pc or more), regular as clockwork the US has entered recession.

http://www.telegraph.co.uk/finance/comment/liamhalligan/8349612/History-tells-us-that-a-surge-in-fuel-costs-makes-a-US-recession-likely.html#