Oil price increase of 1990

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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 recession that started in the late eighties.


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