1990 Oil Price Shock
The 1990 oil price spike occurred in response to the Iraqi invasion of Kuwait on August 2, 1990. Lasting only 9 months, the price shock was less extreme and of shorter duration than the previous oil crises of 1973 and 1979-1980, yet the rise in prices is widely believed to have been a significant factor in the recession of the early 1990s. Average monthly prices of oil rose from $17 per barrel in July to $36 per barrel in August. As the U.S.-led coalition experienced military success against Iraqi forces, concerns about long-term supply shortages eased and prices began to fall.
Read more about 1990 Oil Price Shock: Iraqi Invasion of Kuwait and Ensuing Economic Effects
Famous quotes containing the words oil, price and/or shock:
“Oh Gull of my childhood,
cry over my window over and over, take me back,
oh harbors of oil and cunners, teach me to laugh
and cry again that way that was the good bargain
of youth....”
—Anne Sexton (1928–1974)
“One has to have run a household before one can know the price of rice and firewood, and one has to have raised children before one can understand a parent’s love.”
—Chinese proverb.
“Children demand that their heroes should be fleckless, and easily believe them so: perhaps a first discovery to the contrary is less revolutionary shock to a passionate child than the threatened downfall of habitual beliefs which makes the world seem to totter for us in maturer life.”
—George Eliot [Mary Ann (or Marian)