HomeMy WebLinkAboutClinton News-Record, 1976-10-07, Page 23'Oen
have come to
cls situation 1
would like to
few of the
meats over the past
terr bee 1973 the price
Canada was about
a barred end the OPEC
ales quadrupled the
pride. At the Federal-
nciai Energy Con-
e to March 1974 the
tree of crude oil was in-
creased 71 percent from $3.80
to $6+50 a barrel.
On July lst, 1975, the
domestic; Canadian Price for
crude oil increased a further
2 per cent to $8.00,. and
t iwa unposed a 45 day
ice freeze to give oil
Tlners titnne " to work their
inventories of lower-cost
crude through the marketing
systems, preventing in-
ventory profits. The Ontario
Government, during an
election period, extended the
freeze 88 days and then 134
days.
A Royal Commission on
Petroleum Products Pricing
was established and Com-
missioner Claude lsbister
was appointed to study the
relationship between price
increases and the interests of
the Ontario public.
On April 7th this year,
Provincial Energy Minister
-Dennis Timbrell called for a
so-called blended price for
011, which would average out
the ,cost of new oil (which
would rise to- world prices),
the cost of "old" oil (held at
$8 a barrel) and the cost of
imported oil.
Setting the stage for the
+tannual Federal -Provincial
debate on energy (oil and
gas) prices, " the federal
government on April 27
released a long-awaited
energy policy paper. The
major items of this paper
were as follows.
Oil and gas prices mustrise
to reach world prices in order
to stimulate exploration;
Canada must work toward
self-reliance defined as
rtducing dependence on
foreign sources. This is a
change from the 1973 policy of
working toward self-
sufficiency. A new geological
survey has drastically cut
estimates of oil and gas
reserves.
On May 3rd there was a
special debate in the Ontario.
Legislature to consider
Ontario's proposal for an
alternate method of pricing
domestic crude oil. The
debate did not lead to a vote.
The Liberal -Party's
position was that the pricing
proposal of Energy Minister
Dennis Timbrell and the
Ontario Government was
irresponsible and misleading.
It would not ensure adequate
energy supply; failed to
recognize that Canadian oil
supplies will probably be
depleted within a decade, at
Mich time consumers and
industries will have no
alternative but to pay world
prices for oil; and ignored the
urgent need to encourage
world
We t1
pc . 4 e
not
creased, and tjaat
'hrei:'s claim tat "'the
of the oil producing
locos must he
iced", we' are un-
willing to pay these provinces
higher Aces.
The oil industry's claim for
a larger return In order to
finance exploration Is weak,
in .our opinion. We agree with
Mr. Timbrell that the oil
industry should be guaran-
teed a higher price for new 011
discoveries in order to
motivate exploration.
However, the cash flow
requrements to finance
exploration should be met in
the traditional manner. 0
private investors are un-
willing to assume the risks of
further oil exploration, then
surely government should not
force consumers to do so.
On May 6th the provinces
took their customary
positions, with the producing
provinces demanding a $2 per
barrel increase and Ontario
leading the opposition to price
hikes and pushing their
"bended" oil price proposal.
The Federal -Provincial
meeting, however, came to no
agreement on oil and gas
prices.
Federal Energy, Mines and
Resources Minister Alastair
Gillespie announced on May
18th that new Canadian oil
prices with the agreement of
the producing provinces
would be: for gasoline $1.75
per barrel more by March
1977 - $9.05 a barrel on July 1
and $9:?5 a barrel -on January
I, although -these price in-
creases were not to come into
effect for 60 days; for natural
-_ gas, the price rose by 15.5c
per 1,000 cu. ft. July 1 and will
increase by IOc to 11.50 per
cubic ft. January 1. Of the oil
price increase of $1.75 per
barrel, the producing
provinces will receive 51.00,
Ottawa 50c and the oil
corrtpatlies 25c.
The final report of the
Royal Commission on
Petroleum Products Pricing
was released on the. 19th
August. Its -major conclusions,
were: (a) Ontario, as a major
user of energy should use its
influence to achieve a
national oil policy; (b) the
national framework for
production of crude oil is
unsatisfactory - "some
problems are traceable to the
familiar inconsistencies of
objectives among the
Canadian governments
(provinces) and the con-
sequent lack of measures
they adopt"; (c) the report
suggests Ontario should
make plans to import foreign
crude o'l in case it becomes
ftecessiy or more economic
and the province should work
out how much it is pr,epared
to spend on storage of
domestic oil to ensure supply;
(d) the report-. calls for a
national research committee
on energy tb concentrate on
developing new sources of
energy supplies. This was
suggested by Liberal Leader
Stuart Smith in May.
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