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. 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. 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. One explanation is that government regulations did not react in a flexible manner.

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