Energy price shocks have been a big deal in the U.S. economy since the 1970s. This paper looks at how changes in energy prices affect the economy. It explores where these price shocks come from, how people change their spending when energy prices go up, and how energy prices impact things like real output and stock prices. The researchers found that it's important to consider both demand and supply shocks in energy markets when studying this. They also found that energy price increases tend to cause recessions, but decreases don't lead to economic growth. Despite recent high oil prices, a recession hasn't happened yet. The effects of energy price shocks have lessened since the 1980s, but the reasons for this are still unclear.