ADMS 1010 Week 8 Oil Fall 2011

Around petrolia imperial oil dominates the oil and

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Unformatted text preview: oil industry •  In 1857 the first commercial oil well in the world was drilled in Enniskillen, Ontario •  A whole oil industry grew up around Petrolia Ontario •  Imperial Oil amalgamates numerous small refiners around Petrolia •  Imperial Oil dominates the oil and gas sector, controlling virtually the enKre Canadian market •  Ontario’s dominaKon is short lived – producKon in Petrolia declines by early 1900s Fall 2011 Jim Love ADMS 1010 5 Imperial Oil •  Largest player in Canada – a virtual monopoly •  Bought by Rockefeller’s Standard Oil Company in 1898 •  90% of the market in both companies •  Standard Oil is broken up in the US under anK- trust legislaKon •  Imperial Oil market share drops –  80% in 1920 –  60 % in 1930 –  50% in 1940 Fall 2011 Jim Love ADMS 1010 6 Oil •  Winston Churchill (then First Lord of BriKsh Admiralty) converts BriKsh Navy from Coal to Oil in 1912 •  Increased demand – Canada begins imporKng oil Fall 2011 Jim Love AD...
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This note was uploaded on 01/29/2014 for the course ADMS 1010 taught by Professor Jurkowski during the Fall '09 term at York University.

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