Oil price fluctuation is the main source of many economic crises. So, it is vital to consider the relationship between oil price shocks and economic growth in all countries specially oil exporting ones. In this study, we consider the effect of oil price shocks on economic growth in some OPEC and OECD countries covering the period 1970 to 2008. First Hodrick-Prescott filter is applied to extract oil price shocks and then, we test the effect of oil price shocks on GDP growth by Vector Auto Regression (VAR) Model. The results show that both OPEC and OECD countries are endangered from oil shocks but to different extent. The experiences of Indonesia and especially Norway can help other oil exporting economies for being independent from oil shocks.
