| With gas-guzzling automobiles, expanding highways and growing suburbs, the Canadian economy was increasingly fuelled by oil in the 1970s. This increase in fuel usage ended the era of secure, cheap oil. The period brought on the creation of the Organization of Petroleum Exporting Countries (OPEC); oil prices reached an all time high, when OPEC cut back on oil production in 1973. The impact was huge and caused high unemployment and major inflation in Canada. This cut back became known as the OPEC ...
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