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Leduc: Causes and Effects

Leduc Globally

Oil Field, c.1940.The 1960s were a period of strength for many sectors of the Alberta economy. Investment was booming in the period between 1962 and 1968. The prairie provinces were prosperous due to large wheat sales to Russia and China. Industries, in general, demonstrated greater skill and success in securing foreign markets for their products. During this time, the provincial policies on petroleum were relatively passive.

The 1970s were a time of weakness in Canada. The impact of higher energy prices and the growing competition for international markets would further reduce Canada's ability to compete in world markets. The rising price was set by one cartel: OPEC (Organization of Petroleum Exporting Countries). 

The year 1981 saw a decline in money spent by the petroleum industry. The deregulation of oil prices in the United States would mark the beginning of drilling rigs moving to the United States. In the fall of 1980, the Canadian government introduced its National Energy Program that substantially changed regulations affecting the Canadian oil and gas industry. Increased uncertainty and reduced cash flows contributed to a major slowdown in activity, and money spent on exploration and development declined by 9.6 percent. 

The year 1982 witnessed a spate of cancelled or postponed major projects, primarily in the energy field. These cancellations were attributable to the world recession. Oil production was declining since its peak in the 1973 due to the impact of U.S. demands of high export prices.


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