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Archives | 1973: the wave of shock of the global oil crisis.

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In 1973, the world was gripped by the first oil crisis.

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In October 1973, the planet saw what is often called the “first oil crisis” erupt. The shock wave caused by this energy crisis has been considerable for citizens around the world, including Canadians, as highlighted by some reports from our archives.

On October 17, 1973, at a meeting in Kuwait, member states of the Organization of the Petroleum Producing Countries (OPEC) made historic decisions.

On the one hand, they decide to increase the selling price of their production by 70%.

They also approve an embargo on the sale of their oil to the United States and the Netherlands.

OPEC punishes with this gesture these two countries which, during the Yom Kippur War, in October 1973, proved to be unwavering allies of Israel against the Arab military coalition led by Egypt and by Syria, which fought the Jewish state.

If the Americans and the Dutch are targeted first and foremost, it is all the countries consuming petroleum products that are feeling OPEC's decision.

However, even before OPEC's decision, there had been some warning signs that an energy crisis and a surge in black gold prices could occur.

Already, during the winter of 1970-1971, shortages of oil and natural gas had occurred in the United States.

Moreover , multinational oil companies have been witnessing for several years a decline in profits from the exploitation of their deposits and an increase in the costs of oil exploration.

In this context, these companies did not view an increase in oil prices negatively.

Journalist Gilles Racine interviews Professor Antoine Ayoub on the causes of the oil crisis of October 1973.

On April 11, 1974, journalist Gilles Racine interviews , for the program Actualités 24, Professor Antoine Ayoub, from Laval University, on the causes of the oil crisis.

Wilfrid Lemoine hosts the show.

In this interview, Antoine Ayoub explains the factors responsible for the surge in oil prices since October 1973 and the role that multinational oil companies play in the oil crisis.

He also discusses substitutes that might one day replace black gold.

This, in a nutshell, is the energy crisis: one country, Saudi Arabia, holds at the end of its drilling tendrils the energy of Europe, Japan and soon the United States.

A quote from Michel Pelland

Report by journalist Michel Pelland on the influence of Saudi Arabia within OPEC and the impact of the oil crisis on this country

On May 25, 1973, a report by journalist Michel Pelland, presented on the program Le 60, offers a portrait of the influence that Saudi Arabia has within OPEC.

He also observes the transformations caused by the presence of oil in Saudi society.

Listening to this report, we can only deduce that Saudi Arabia will become one of the countries which will benefit greatly from this crisis when it breaks out in October 1973.

The situation is different in the countries customers from Saudi Arabia and OPEC.

Report by journalist Pierre Nadeau on the impact of the 1973 oil crisis on Quebec consumers.

As shown in this report by journalist Pierre Nadeau, presented on the programLe60 on January 15, 1974, consumers in Canada and Quebec are on the side losers.

The cost of fuel oil is skyrocketing.

Several Quebecers admit to having difficulty paying to fill their heating fuel tanks.

There are also fears that the crisis will cause a substantial increase in housing prices.

Certain sectors of activity, for example air transport and automobile construction, idle.

A more unexpected effect of the first oil crisis is that it contributed to souring relations between the Canadian federal government and the oil-producing province of Alberta.

Report by journalist Michel Pelland on the impact of the oil crisis on relations between the Canadian federal government and the province of Alberta.

The report on this subject by journalist Michel Pelland, presented on the program Le 60 on November 13, 1973, is eloquent.

It shows that the policies put forward at the time by the Canadian government to counter the effects of the global oil crisis in the country exacerbated tensions between Ottawa and Edmonton.

The comments made in this report by Alberta Prime Minister Peter Lougheed and by players in the oil sector are also very enlightening for understanding the origins of the conflicting relations that #x27;still maintains Alberta and the Canadian federal government today.

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