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.
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Famous quotes containing the words oil, price and/or shock:
“It is wise to apply the oil of refined politeness to the mechanism of friendship.”
—Colette [Sidonie Gabrielle Colette] (1873–1954)
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“I was not long since in a company where I wot not who of my fraternity brought news of a kind of pills, by true account, composed of a hundred and odd several ingredients; whereat we laughed very heartily, and made ourselves good sport; for what rock so hard were able to resist the shock or withstand the force of so thick and numerous a battery?”
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