Published On Oct 9, 2021
The eastern Canadian economy depends on the West during the 1970s energy crisis. With North America deep in a recession and the world oil price jumping from $1.80 to $20 a barrel, cities like Toronto and Montreal rely on Alberta's oil producers. Remembering the tough times of the '30s and '40s, University of Alberta professor Larry Pratt told CBC TV that Westerners feel bitter about the new Eastern economic dependence. "Where was Bay Street? Where was Montreal, when we needed them?"He explains that during the Dirty '30s, Toronto companies turned down oil men looking for investment capital, forcing Alberta companies to partially sell out to Americans.