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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.
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
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.
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 ...
Canada's oil measure, the cubic metre, is unique in the world. It is metric in the sense that it uses metres, but it is based on volume so that Canadian units can be easily converted into barrels. In the rest of the metric world, the standard for measuring oil is the tonne .
Oil prices were little changed in early trading on Thursday, as markets watched for tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude oil to United ...
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 ...
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 ...