The Link Between Energy Cost and Recessions

In this episode of The Miller Report: Real Clear Journalism, Maggie Miller sits down with Jerry James of Artex Oil Company to discuss one of the biggest economic concerns facing Americans today: energy affordability.

The conversation explores why energy is central to affordability across the economy, as nearly every product and service depends on reliable and affordable energy. James also looks back at major historical energy shocks and explains how rising oil and gas prices act as a precursor to recessions.

We discuss the direct relationship between energy costs and consumer spending and touch on current public policy, shifting energy priorities, and the argument that increasing energy supply and allowing markets to function freely could help create a more abundant and affordable energy future. This discussion took place at the 2026 RealClear Energy Future Forum.