Last week, I discussed Ray's chart that compares the S&P 500 performance in this crisis against previous crises.
Another useful feature is the halo around the right edge of the COVID-19 line. This device directs our eyes to where he wants us to look.
In the same series, he made the following for The Conference Board (link):
Two things I learned from this chart:
The oil market takes a much longer time to recover after crises, compared to the S&P. None of these lines reached above 100 in the first 150 days (5 months).
Just like the S&P, the current crisis is most similar in severity to the 2008 Great Recession, only worse, and currently, the price collapse in oil is quite a bit worse than in 2008.
The drop of oil is going to be contentious. This is a drop too many for a Tufte purist. It might as well symbolize a tear shed.
The presence of the icon tells me these lines depict the oil market without having to read text. And I approve.