The Liberalization of Canada's Oil and Gas Markets
Article from: OGEL 2 (2023), in Roundup of Articles
Abstract
Today, Canada is the world's fourth and fifth largest producer of crude oil and natural gas respectively. Its oil and gas markets and trade are among the most liberalized in the world. But this has not always been the case. From 1961 to 1985 oil markets were fettered by government interventions. First, in the late fifties to secure market access for major discoveries in Alberta, then in the early seventies to protect consumers from rapid oil price increases. With U.S. restrictions on imports in 1958, the Canadian government sought to increase the domestic market for shut in ...