Oil price increase of 1990
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The 1990 (or third) energy crisis was milder and more brief than the two previous oil crises (1973 and 1979). It lasted only six months and occurred as a result of the first 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. OAPEC decided that since the oil production in the Kuwait was falling, they would increase their oil supply and stabilize the oil market.
Oil hit a then-record of $40.42 per barrel during this crisis.
[edit] See also
- Energy conservation
- Energy crisis
- 1973 energy crisis
- 1979 energy crisis
- Oil price increases since 2003
- Peak Oil
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