The Last Time Gas Prices Rose This Fast, The US Entered Recession
From February through May, gas prices have historically tended to rise. However, between refinery strikes and shutdowns (and blend transitions), 2015 has seen gas prices rise from the start of February at the fastest pace on record. Despite the total lack of ‘surge in consumer spending’ from the low gas prices that we were promised, the velocity of this price rise is eerily reminiscent of the 2007 surge that, within months, saw the US in recession…
Fastest rise in gas prices on record…
And the last time prices rose nearly as fast as this… ended in recession…
Of course it’s different this time – and prices are low – but that didn’t stop the drag last time.
Charts: Bloomberg
