The history of the world petroleum industry is one of a rapidly growing industry seeking the stable prices that have been seen by producers as essential to the expansion of the market. In the early twentieth century, pricing power was firmly in the hands of Americans, predominately John D. Rockefeller and Standard Oil.
Reasons include the past appreciation of the Canadian dollar, increased competition among food retailers, and some special factors such as the excess supply of meat. Although these factors can be considered temporary, the same may well apply to the future path of food-price increases.