What year did the Great Recession start and end?
According to the U.S. National Bureau of Economic Research, the Great Recession began in December 2007 and ended in June 2009. During that time, the national average surpassed $4 per gallon from June 8, 2008 to July 24, 2008, peaking on July 16 at $4.10 per gallon.
Are gas prices the same in a recession as before?
Although the situations are not the same, we can look at what gas prices were the last time we were in a recession in 2008 to glean some insight on what could potentially happen. According to the U.S. National Bureau of Economic Research, the Great Recession began in December 2007 and ended in June 2009.
How did the 2008 financial crisis affect the oil market?
The 2008 financial crisis and Great Recession induced a bear market in oil and gas, sending the price of a barrel of crude oil from nearly $147 to $32 in just a few months. 1 The recession led to a general drop in asset prices around the world as credit contracted and earnings projections fell.
What caused the Great Recession of 2008?
Energy prices thus fell due to diminishing demand, a contraction of credit with which to make purchases, and lower corporate earnings which led to layoffs and increased unemployment.