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A chart showing the start price, end price, highs and lows of WTI oil prices for each year of the decade. By mid-January 2022, Reuters raised concerns that an increase in the price of oil to $100—which seemed to be imminent—would worsen the inflationary environment that was already breaking 30-year-old records.
- Key Terms
- Context
- Creation of A Protected Market
- Oil Crises of The 1970s
- Government Response to Oil Crises
Price controlsRestrictions that a government sets on the price of specific goods. Price controls are usually a short-term measure to control the affordability of the goods.
The oil industry in Canada has been subject to government regulation for nearly its entire existence. The Leduc discovery of 1947 showed — for the first time — the extent and value of Western Canadian oil and gas resources. The Canadian oil and gas industry grew rapidly from 1947 to 1973. During that time, the international price of oil was low and...
The federal government created the National Energy Board in 1959 and the National Oil Policy in 1961 to address these supply problems. The solution was that Quebec and the Atlantic provinces would continue to import oil by ship from the cheapest foreign sources, while all of Canada west of the Ottawa Valley would get its oil and gas from Alberta, S...
The federal government introduced price controls one month before the Oil Embargo of October 1973. In response to American support of Israel in the 1973 Yom Kippur War, the Organization of Arab Petroleum Exporting Countries banned oil sales to the United States and its allies. This caused both a rapid price increase and a global oil shortage. The g...
The government of Pierre Elliott Trudeau responded to the oilcrisis of 1973–74 in several ways. First, it set limits on the price that consumers could be charged for oil. Second, it began building a plant to extract synthetic oil from oil sands. This was still a relatively new and expensive process. Recognizing the potential value of this form of o...
Canada's debut in northern pipeline building came during World War II when the short-lived Canol line delivered oil from Norman Wells to Whitehorse (964 kilometres), with additional supply lines to Fairbanks and Skagway, Alaska, USA, and to Watson Lake, Yukon. Wartime priorities assured the expensive pipeline's completion in 1944 and its ...
Farmers and small communities not served by natural gas adopted it for home heating fuel. In the early 1960s, markets for liquid petroleum gases grew rapidly. Companies responded by building "straddle" plants. These facilities straddled gas pipelines to extract additional volumes of gas liquids from the gas stream.
Heating Oil Prices - 30 Year Historical Chart. Interactive chart showing the monthly closing price for No. 2 Heating Oil: New York Harbor since 1986. The prices shown are in U.S. dollars. The current price of heating oil as of May 30, 2024 is 2.29 per gallon.
YearAverageclosing PriceYear OpenYear High2024$2.55$2.47$2.882023$2.68$2.96$3.412022$3.57$2.25$5.152021$1.91$1.36$2.45Government, industry and individual consumers began to see wisdom in conserving domestic oil reserves. Automobile manufacturers began to produce more fuel-efficient engines, and more research was done on alternative energy sources, such as wind and solar power as well as nuclear energy.
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Aug 4, 2016 · Furnace Oil – Current weekly consumer prices for furnace oil in 30 Canadian cities plus the average Canada price. Prices by city. Prices by year. All fuels in a combined price chart.
