Oil price movements in 2007-08 were memorable:
What happened? James Hamilton of UC San Diego (and Econbrowser) takes a stab at an explanation. Here's the short version ( in two parts from Econbrowser): Causes of the Oil Shock of 2007-08 and Consequences of the Oil Shock of 2007-08. Here's the long version (from the Brookings Institution) - Causes and Consequences of the Oil Shock of 2007-09.