|
The Second Turn of the Century:
1980-2005
During the 1970s, world oil prices
were rising and Alberta benefited, but the federal
government acted to provide lower prices for oil by
introducing price controls. Another surge of
prices at the end of that decade brought about the
National Energy Program (NEP) in 1980 that set a lower
national price for oil. This had a severe impact on
Alberta's economy, which encountered both recession and
unemployment. From 1983 to 1985 a slow recovery began in
Alberta.
When the NEP was
removed with the Western Accord, which was initiated by
the Mulroney federal government in 1985, Alberta hoped
for a recovery. But dropping oil prices throughout the
late 80s and early 90s plagued Alberta, bringing high
unemployment rates and a province-wide recession.
In 1992, Ralph Klein won the
leadership of the Alberta Progressive Conservative Party
and became Premier. With massive spending cuts and
increasing oil revenues, the provincial government
eliminated the provincial deficit by 1997 and the debt
by 2004.
2005 was an exciting year in Alberta,
as it marked Alberta's 100th anniversary as a province
in Canada. Numerous events, projects, awards and
scholarships were initiated in honour of the occasion,
as Alberta marched into its centennial with a strong
economy and prosperous future.
| 
Heritage Community Foundation Presents
)
