(chart source: page 4 of PDF)
A welcome shout out for Oil 101 today from economist James Hamilton of the University of California, San Diego. Hamilton's blog (along with co-blogger Menzie Chinn) is the excellent and widely followed econbrowser. Hamilton has carried out extensive and widely quoted research on the economic consequences of oil price shocks. For example, the chart above is one of Hamilton's from a recent presentation given by US Energy Secretary Steven Chu.