|
3 Wisemen | Trudeaumania
| October Crisis |
Bilingualism |
Petro
Canada | 72
Super Series |
Wage & Price Controls |
1976 Olympics | PQ
come to Power | Interlude
| Western Alienation
| 1980 Referendum
| The Constitution |
Changing of the
Guard As the
seventies began and world economic relationships and
dynamics began to change, one of the first major events
was the formation of OPEC or the Organization of
Petroleum Exporting Countries. Although Canada did not
belong to OPEC, oil had become a major export of Western
Canada. Many felt that big corporations controlled the
energy sector in Canada and that Canadians were not
fully benefitting from the increasing amounts of oil
that was going to the U.S. and the amount that was being
charged for the oil in Eastern Canada.
Pierre Trudeau's
government decided that they needed a window into the
oil industry in order to assess and control Canada's
valuable natural resources. The Canadian Parliament
passed the Petro-Canada Act in 1975 establishing a Crown
Corporation to meet these targets. Many in the Alberta
Oil industry felt that this was an unwelcomed intrusion
into the business world and campaigned to have
Petro-Canada and its activities restricted.
The largest source of Oil in Canada was
in the Alberta Tar Sands which was much more difficult
and expensive to get the oil out f then a normal well
hole. in 1978, Petro-Canada invested in Alberta's
Syncrude which became the largest producer of the Tar
Sands and held a 12 percent ownership position.
In 1979 Petro-Canada bought Pacific
Petroleum, an Alberta based coming and then partner with
Chevron, Gulf and Mobil to explore the Hibernia oilfield
in the Atlantic off the coast of Newfoundland. Over then
next 5 years Petro-Canada continued to expand its
exploration and drill operations well growing it's
retail gas operations across the country. In 1981
Petro-Canada bought Petrofina, in 1983 BP Canada and in
1984 discovered the Terra Nova oilfield off the east
coast.
When the Tories were
elected under Brian Mulroney, they responded to the oil
industry and provincial governments wishes that the
Federal Government get out of the oil business and
Mulroney began to privatize Petro Canada.
Petro-Canada came to represent the
federal/provincial battle for control over the oil
resources in Canada and where the two Federal
governments stood on the issue. |
