the exorbitant price of oil was the key factor in the economic collapse of the Soviet Union in the 1980s The world oil price collapsed in 1986 to a low of $10 per barrel by the end of the year The price of oil never recovered in the 80s and then crashed in the early 1990s as the Soviet Union collapsed

The Mexican oil price collapsed too in 1986 and then did not recover until the mid 1990s Mexico was in a recession throughout most of the 80s and low oil prices and the debt crisis of 1982 triggered a severe recession that lasted into the mid 1990s

The Mexican debt crisis of 1982 and the collapse of the peso in December, 1982 was triggered by the collapse of the price of oil in the year prior to the crisis Mexicos oil production was still huge in the 1980s as the Mexican economy was driven by oil exports, as it was in the 1920s and 30s

The Mexican oil price collapsed in 1986 and the government was forced to devalue the peso in December, 1986 by 60 percent and then by another 35 percent Mexico defaulted on its debt in 1988, after the government had introduced a massive austerity program in 1987