Abstract
The sudden and sharp fall in world oil prices that occurred between December, 1985 and April, 1986 caught many by surprise. This downward price shock was especially unpropitious for the Canadian oil and gas industry. After years of price regulation, the Western Accord (Energy, Mines and Resources, 1985b) and the subsequent agreement on natural gas pricing (Energy, Mines and Resources, 1985a) were in the process of moving the industry towards market-determined prices when, so to speak, the roof caved in.
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