ADMS 1010 Week 8 Oil Fall 2011

Oil exploration moves west imperial oil consolidates

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Unformatted text preview:   Increasing distrust of foreign ownership – Kari Levii’s “Silent Surrender” •  Liberal minority in 1972 – requires support of the NDP –  FIRA – Foreign investment Review Agency in 1974 –  1975 creaKon of Petro- Canada –  Canada Development CorporaKon (1971) to buy- back Canada –  NDP pushes for greater restricKons – no exports unless we have 100 years of supply Fall 2011 Jim Love ADMS 1010 19 Oil Shocks •  1973 Yom Kippur War leads to Oil embargo and OPEC •  Rapid rise in price fuels inflaKon •  Argument for a “made in Canada” price •  Canadian producKon is declining – reserves peak in 1970 Fall 2011 Jim Love ADMS 1010 20 Sleeping With The Elephant •  US is concerned with firms not “returning capital” and “repatriaKng profits” •  1965 Auto Pact is under scruKny •  32 percent of Canada’s exports are...
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