Oil prices are “only” down about 20% year-over-year (YoY), and the YoY decline has been decreasing.
So I thought I’d look at the YoY change in oil prices over the last few decades.
This graph shows the year-over-year change in WTI based on data from the EIA.
Five times since 1987, oil prices have increased 100% or more YoY. And several times prices have almost fallen in half YoY.
Oil prices are volatile! And it seems likely the YoY change will turn positive later this year.