Canadianization a red flag to US firms and their friends in Congress
Efforts to gain control over its own petroleum industry are squeezing US-based oil and gas companies that have dominated Canadian energy development. Foreign-owned firms account for 72% of Canada's industry revenues. The effort is more a de-Americanization than a nationalization in the series of take-over moves and countermoves. The US views this as an abrupt shift in traditional business and trade relationships, with angry industry leaders lobbying Congress for retaliatory action. Trudeau's program to slow the drain of wealth from energy-poor eastern provinces to the west has also sparked controversy in Canada. The program enlarges the federal role in oil companies, regulates foreign acquisitions, gives preferential treatment to Canadian firms, and continues price controls in Canadian crude oil. Several American interagency groups are evaluating Canada's moves, but the administraion is reluctant to move beyond diplomatic persuasion. (DCK)
- OSTI ID:
- 6235815
- Journal Information:
- Natl. J.; (United States), Vol. 13:31
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
POLICY AND ECONOMY
02 PETROLEUM
CANADA
PETROLEUM INDUSTRY
NATIONALIZATION
BILATERAL AGREEMENTS
ENERGY POLICY
MULTINATIONAL ENTERPRISES
POLITICAL ASPECTS
AGREEMENTS
GOVERNMENT POLICIES
INDUSTRY
INSTITUTIONAL FACTORS
INTERNATIONAL AGREEMENTS
NORTH AMERICA
294002* - Energy Planning & Policy- Petroleum
021000 - Petroleum- Legislation & Regulations