The normal phrase is "its the economy stupid". However, unless a country is an energy exporter in a large way in fact "its energy prices stupid". I have obtained figures from the Library to calculate the marginal rate at which an increase in the price of energy reduces economic activity. I did speak about this in the house earlier this year. However, I haven't yet found the time to do the analysis. It remains, however, that as energy prices (and particularly oil prices as that is the marginal source of energy) go up then economic activity is held back. We make the mistake thinking of growth rather than activity. Obviously some forms of economic activity use less energy than other forms. In a world with a constrained energy supply those forms of economic activity need to be encouraged. You will see on the right of my blog a couple of charts. It is possible to see the effect on oil prices in the USA of Shale Gas (it has knocked about USD 20 off a barrel
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