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Despite comparatively high oil prices in world markets, for political reasons government kept prices for oil from these technological pioneers at artificially low levels until well into the 1980s. Heavy oil, oil sands, and the synthetic crude produced from them have accounted for the majority of Canada's oil production for more than two decades ...
As the biggest Canadian gas discovery since the 1970s and its richest gas project ever, the Shell-operated Caroline field stood out as a $10 billion resource jewel. Although classified as a gas field, in the lower-price environment of the day sulfur, liquids and other by-products from the gas promised to exceed the value of the natural gas itself.
This worsened an existing glut of oil and triggered a price war. In the following year, average world oil prices fell by more than 50 per cent. This price shock took many oil companies and oil-producing states and regions into a long period of crisis. The industry's frontier operations were particularly vulnerable to the oil price collapse.
A short time since, a party, in digging a well at the edge of the bed of Bitumen, struck upon a vein of oil, which combining with the earth forms the Bitumen. 'Some historians challenge Canada's claim to North America's first oil field, arguing that Pennsylvania's famous Drake Well was the continent's first. But there is evidence to support ...
1973 Oil Crisis begins precipitated by Western involvement in the Yom Kippur War causes OPEC to embargo many Western countries, increasing the price and thus competitiveness of Alberta oil. [20] October 22, 1979 Nova Chemicals opens the first ethylene plant in Alberta to be used in plastic production. [21] October 28, 1980
July 11, 2008 - Oil prices hit a record high of $147.27 a barrel before settling at $145.08 at the end of the day. September 22, 2008 - Oil prices experience the biggest one-day increase ever ...
The price of West Texas Intermediate crude oil increased to nearly US$70 per barrel in October, 2018 which represents its "highest level since before the oil shock." By December WTI dropped to below US$50 per barrel." [2] As a result of the lower price of oil at the end of the year, Canada's nominal GDP was more moderate in 2018 than 2017. [2]
Brent crude futures sat above $92 per barrel — the highest levels in oil prices since November 2022. On a "core" basis, which strips out the more volatile costs of food and gas, prices in August ...