The gold/oil ratio shows the gap in price between the two commodities. A higher ratio means that gold is over valued compared to the price oil: either gold costs too much, or oil is comparitively cheap.
Since 1983, the gold/oil ratio has increased during periods of financial crisis, as oil prices tend to fall when economic growth is weak, and people look to gold as a safe investment.
The following charts break down this period between 1983 and today, with the gold and oil prices adjusted to today's price.
Between 1983 and 1985, the prices of gold and oil dropped, but with gold falling at a greater rate. This led lower than average gold/oil ratios.
An over supply of oil in the 1980's, with its associated low prices, meant for relatively high gold/oil ratio.
The weakened global demand during mid of 1990s saw oil and gold drop to 35 year lows. The gold/oil ratio was relatively stable during this period.
In the 2000s the Afghanistan and Iraq wars pushed up oil to record highs, leading to a low gold/oil ratio.
Since July 2008, the price of gold has risen to its peak price for the period, while the price of oil has dropped.