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May 22, 2020 · The Canadian oil and gas industry grew rapidly from 1947 to 1973. During that time, the international price of oil was low and remained stable. The world market was filled with cheap, reliable oil from the Middle East and North Africa. However, demand for this oil was always higher than supply.
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 ...
June 1: Phased oil price decontrol begins. Involves gradual 28 month increase of "old" oil price ceilings, and slower rate of increase of "new" oil price ceilings. June 26–28: OPEC raises prices average of 15 percent, effective July 1.
During the one year remaining of the Pacific war, the field produced about 160,000 m³ (1.4 million barrels) of oil. The total cost of the project (all paid by U.S. taxpayers) was $134 million, in 1943 U.S. dollars.
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 July 01, 2024 is 2.48 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$2.45The price of oil shown is adjusted for inflation using the headline CPI and is shown by default on a logarithmic scale. The current month is updated on an hourly basis with today's latest value. Interactive charts of West Texas Intermediate (WTI or NYMEX) crude oil prices per barrel back to 1946.
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Through the 1950s and 1960s, oil consumption skyrocketed, driven by rampant industrialization and the increasing affordability of material goods, particularly automobiles, across the Western world. Optimism was high, and the supply of oil seemed to be limitless—until 1973.
