ABSTRACT
Canadian energy policy has evolved considerably over the years—often in response to world oil supply and price conditions. As in other countries, the oil price shock of 1973/1974 had a major impact on energy pricing and trade policy. The changing world oil market shaped Canadian energy policy in the early 1970s, and in 1980 when the National Energy Program was first introduced, federal energy policy has evolved considerably since 1981 in response to the recent softening of world oil markets, and other factors. Considerable progress has also been made in providing an opportunity for increased involvement by Canadians and Canadian firms in energy resource development. There have also been numerous farm-in arrangements in the Canada Lands being promoted in part by the Petroleum Incentives Program and our Canada Lands management regime. Oil companies are also responding favourably to our enhanced oil recovery investment incentives.
