Petrol Prices vs Global Recessions

20-Year Comparative Analysis (2003-2023)

Annual Comparison

Petrol Price (USD per gallon)
Recession Period

Key Insights

  • The 2008 financial crisis saw petrol prices peak at $4.11/gallon before sharply declining during the recession.
  • 2020's COVID-19 pandemic caused both a recession and a dramatic drop in petrol prices due to reduced demand.
  • Post-recession periods often show rapid petrol price recovery, sometimes exceeding pre-recession levels.
  • The Russia-Ukraine conflict in 2022 caused price spikes without an associated recession, showing supply-side shocks.

Trend Analysis

Correlation Coefficient

Moderate negative correlation (-0.65) between recessions and petrol prices

Average Price Drop During Recessions

42% average decline in petrol prices during recession years

Recovery Time

Prices typically recover within 2 years post-recession

Raw Data Table

Year Petrol Price (USD/gal) Recession Global GDP Growth

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