Page "Economy of Alberta" Paragraph 14

In 1947 a major oil field was discovered near Edmonton.

It was not the first petroleum find in Alberta, but it was large enough to significantly alter the economy of the province ( and coincided with growing American demand for energy ).

Since that time, Alberta's economic fortunes have largely tracked the price of oil, and increasingly natural gas prices.

When oil prices spiked during the 1967 Oil Embargo, 1973 oil crisis, and 1979 energy crisis, Alberta's economy boomed.

However, during the 1980s oil glut Alberta's economy suffered.

Alberta boomed once again during the 2003-2008 oil price spike.

In July 2008 the price of oil peaked and began to decline and Alberta's economy soon followed suit, with unemployment doubling within a year.

By 2009 with natural gas prices at a long-term low, Alberta's economy was in poor health compared to before, although still relatively better than many other comparable jurisdictions.

By 2012, despite natural gas prices at a ten-year low and a higher Canadian dollar, oil prices had recovered enough to restart economic growth.