exacerbated by a combination of monetary policy and the increased debt of oil producers, who may increase production to maintain liquidity. The onset of the COVID-19 pandemic resulted in oil prices declining from approximately 60 dollars a barrel to 20 between January and April 2020 and market prices briefly becoming negative. On 22 April 2020, the North Dakota's crude oil spot prices were for Williston Sweet $-46.75 and Williston Sour $-51.31 (oilprice charts). While the WTI was traded $6.46. WTI futures lowest price was above $-37 per barrel on 20 April 2020. In 2021, the record-high energy prices were driven by a global surge in demand as the world quit the economic recession caused by COVID-19, particularly due to strong energy demand in Asia. The price of oil was about $80 by October 2021, the highest since 2014. Effects of historical oil price rises In the past, sudden increases in the price of oil have led to economic recessions, such as the 1973 and 1979 energy crises. The effect the increased price of oil has on an economy is known as a price shock. In many European countries, which have high taxes on fuels, such price shocks could potentially be mitigated somewhat by temporarily or permanently suspending the taxes as fuel costs rise. This method of softening price shocks is less useful in countries with much lower gas taxes, such as the United States. A baseline scenario for a recent IMF paper found oil production growing at 0.8% (as opposed to a historical average of 1.8%) would result in a small reduction in economic growth of 0.2–0.4%. Researchers at the Stanford Energy Modeling Forum found that the economy can adjust to steady, gradual increases in the price of crude better than wild lurches. Some economists predict that a substitution effect will spur demand for alternate energy sources, such as coal or liquefied natural gas. This substitution can be only temporary, as coal and natural gas are finite resources as well. Prior to the run-up in fuel prices, many motorists opted for larger, less fuel-efficient sport utility vehicles and full-sized pickups in the United States, Canada, and other countries. This trend has been reversing because of sustained high prices of fuel. The September 2005 sales data for all vehicle vendors indicated SUV sales dropped while small cars sales increased. Hybrid and diesel vehicles are also gaining in popularity. EIA published Household