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ADMS 1010 Week 8 Oil Fall 2011

Tariff structure that was supposed to protect our

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Unformatted text preview: – large U.S. majors •  Hudson’s Bay Oil and Gas business grows faster than HBC retail operaKons •  Dome Mines founds Dome Petroleum •  Drilling done by independents and wild- caiers, leases of crown land financed by majors •  Canadian and Alberta provincial governments relaKvely passive regarding foreign investment •  1965 Auto Pact is regarded as huge success Fall 2011 Jim Love ADMS 1010 13 Scandal •  Liberal government in 1956 pushes for an “all Canadian” pipeline – Trans Canada Pipeline. NaKonalisKc appeal, but chronically under- funded and short of cash •  AllegaKons of insider trading in Trans Canada shares leads to scandal and resignaKons from Cabinet •  John Diefenbaker is swept to power in 1957 Fall 2011 Jim Love ADMS 1010 14 NaKonalism •  Economic naKonalism is on the rise in 1950’s and 1960’s •  75% of of FDI originaKng from the US •  By 1962 White Rose – the last significant integrated oil firm passes to US hands •  Foreign investment has plus and minuses: •  Canadian control of natural resources located on crown land •  Huge capital provided by US firms creates an enKre industry centred around oil and gas •  Failure of Alberta economy to...
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