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The cost of gas has been volatile in recent years as markets react to world events, but it hasn't always been that way. ... Frederic Lewis/Staff/Archive Photos. 1979. Price per gallon: 86 cents ...
(There is irony in this, since Amoco became operator of both the Cochin pipeline and Empress after the acquisition of Dome.) To complete the picture of the Canadian liquids business, it is worth noting that in 1977 Amoco and Dome bought the Canadian assets of Goliad Oil and Gas Company.
As the biggest Canadian gas discovery since the 1970s and its richest gas project ever, the Shell-operated Caroline field stood out as a $10 billion resource jewel. Although classified as a gas field , in the lower-price environment of the day sulfur, liquids and other by-products from the gas promised to exceed the value of the natural gas itself.
Extensive drilling was done in the Canadian Arctic during the 1970s and 1980s by such companies as Panarctic Oils Ltd., Petro Canada and Dome Petroleum. After 176 wells were drilled at a cost of billions of dollars, a modest 1.9 billion barrels (300 × 10 ^ 6 m 3) of oil were found.
The national average price for a gallon of gasoline is a little more than $4.95, according to AAA. ... GOBankingRates mapped out a chronology of average gas prices for more than 90 years dating ...
The next year in 2011, as America was digging itself out of the worst economic catastrophe since the Great Recession, gas soared to $3.53 per gallon — or $4.75, when adjusted for inflation ...
This worsened an existing glut of oil and triggered a price war. In the following year, average world oil prices fell by more than 50 per cent. This price shock took many oil companies and oil-producing states and regions into a long period of crisis. The industry's frontier operations were particularly vulnerable to the oil price collapse.
In his blog entitled "Canadian Oil and Gas: The First 100 Years", Peter McKenzie-Brown said that the "early uses of petroleum go back thousands of years. But while people have known about and used petroleum for centuries, Charles Nelson Tripp was the first Canadian to recover the substance for commercial use.