The 1990 oil price shock was milder and more brief than previous oil crises, lasting only 9 months, and contributed to the early 1990s recession.[1] The price increases occurred after the Iraqi invasion of Kuwait on August 2. Prices rose from $21 per barrel at the end of July to $28 on August 6, reaching $46 by mid-October.[2] Although the 1990 oil price shock is often considered to have been mild, it has been argued that its macroeconomic effects were on the same scale as previous oil shocks.[3][4] One explanation is that government regulatory reactions did not react in a flexible manner. [2]
See also
- Energy conservation
- Energy crisis
- 1973 energy crisis
- 1979 energy crisis
- Oil price increases since 2003
- Peak Oil
References
- ^ Roubini, N.; Setser, B. (2004), The effects of the recent oil price shock on the U.S. and global economy, http://pages.stern.nyu.edu/~nroubini/papers/OilShockRoubiniSetser.pdf
- ^ a b Taylor, J.B. (1993), "Discretion versus policy rules in practice", Carnegie-Rochester Conference Series on Public Policy 39: 195–214, doi:, http://home.uchicago.edu/~velatre/papers/Taylor(1983).pdf
- ^ Aggregate demand, uncertainty and oil prices: the 1990 oil shock in comparative perspective. Michael M. Huchison. BIS Economic Papers, August 1991
- ^ Tatom, J.A. (1993), "Are There Useful Lessons from the 1990-91 Oil Price Shock?", The Energy Journal 14 (4): 129–150, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=923165
External links
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