Sample Essay

The Arab Oil Embargo was globally felt, especially by Canada after the US. This was an external threat to the Canadian economy and to the country’s overall oil demand and supply activities. Early steps were already taken as per predictions of Canadian leadership and strategies were formulated earlier, to cope up with increasing oil prices and rising demand for oil in American and Canadian oil markets. Canada was up against an adverse situation in maintaining the required level of oil and gas production which was later backed by the strategy to reduce oil exports[1].

Canada’s energy sector was badly hit by the crisis which seized country’s exports and took the oil prices to a record high with $12 a barrel, an increase by 330 percent.[2]  Canada’s trade deficit and surplus depends hugely on exports and imports of oil and petroleum products. As discussed earlier, Canada and the US depend largely on oil and petroleum commodities in cross-border trade activities. When the shipment of crude oil to Canada was stopped, energy sector indicated a significant increase in oil prices and a declining trend in country’s oil exports.

[1] The oil crisis and the Canadian response,”  n.d  [Database on-line]; retrieved from http://www.tulips.tsukuba.ac.jp/limedio/dlam/B15/B1548190/10.pdf p 212-214

[2] Commoner, Barry. The Politics of Energy. New York: Knopf, (1979).  Silber, D., Ed. The Arab Oil Embargo: Ten Years Later. Washington, DC: Americans for Energy Independence, (1984) [Database on-line]; retrieved from http://www.bookrags.com/research/oil-embargo-enve-02/

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