Oil price increase of 1990

The 1990 (or third) energy crisis was the mildest and most brief of them all. It lasted only six months and occurred as a result of the Gulf War. As Saddam Hussein retreated the oil fields of Kuwait were set on fire causing damage that reduced the oil output until repairs could be performed.

Oil hit a record $40.42 per barrel during this crisis. Some economists believe this aggravated the late eighties recession.

See also

• energy crisis
• 1973 energy crisis
• 1979 energy crisis
• Oil price increases of 2004
• Hubbert curve and Hubbert peak

External links

• energy crisis and recession