1990 spike in the price of oil - Definition and Overview

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

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