ADMS 1010 Week 8 Oil Fall 2011

Around petrolia imperial oil dominates the oil and

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

Ask a homework question - tutors are online