Lougheed letter publicizes the Alberta Oil and Gas Activity Plan- Summer 1982
This remarkable letter demonstrates how falling oil prices rang alarm bells in the Alberta government and was very much the result the effect of very high interest
rates in North America driven by the U.S. Federal Reserve board and not the National Energy Program.. https://fred.stlouisfed.org/series/FEDFUNDS
The above graph shows what governments and corporations were watching with alarm as the Fed would move rates up and down with rates nearing 20 per cent followed by a harsh recession which crippled America's auto business, At that time the auto business, like it still is today, is really a financing business based on lending on the security of these American cars. Crippling interest rates discouraged buyers and therefore oil prices. In addition, discerning American drivers were turn...