The most recent figure is for 2011-Q2, which comes in at 1.17%.
With oil prices now $20 cheaper than 2011-Q2, 2011-Q3 will likely see a drop.
The average oil price for the quarter is multiplied by oil consumption for the quarter, which is then measured as a percentage of nominal GDP.
- West Texas Intermediate, price averaged out for quarterly figure. Link.
- US Oil Consumption, quarterly. Link.
- Nominal GDP, quarterly. Link.
- Orange lines represent recessions (annual decline of real GDP per capita)
- Yellow line represents historical average of 0.82% of GDP.