# Every Oil Shock Is Followed by a Recession. But Not for the Reason You Think

Page: https://stenobird.com/podcast/noise-cancelling-with-neil-woodford-7475728/every-oil-shock-is-followed-by-a-recession-but-not-for-the-reason-you-think
Text version: https://stenobird.com/podcast/noise-cancelling-with-neil-woodford-7475728/every-oil-shock-is-followed-by-a-recession-but-not-for-the-reason-you-think.md
Podcast: [Noise Cancelling with Neil Woodford](https://stenobird.com/podcast/noise-cancelling-with-neil-woodford-7475728)
Published: 2026-03-20T17:40:57+00:00
Episode link: https://w4pz.podbean.com/e/every-oil-shock-is-followed-by-a-recession-but-not-for-the-reason-you-think/
Audio file: https://mcdn.podbean.com/mf/web/awfre239na6dfi3j/the-double-brake.mp3
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Duration seconds: 2217

## Resource

A landmark study by Ben Bernanke found that it wasn’t oil shocks that caused recessions. It was the interest rate hikes that followed. The central bank’s reaction did more damage than the oil shock itself. Neil and Jon explain the Bernanke research, apply it to the UK economy, and discuss what it means for anyone with a mortgage, savings, a pension, or investments in the UK.

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## Transcript

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