Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 percent.
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In January 2013, the Premier of Alberta, Alison Redford, used the term bitumen bubble to explain the impact of a dramatic and unanticipated drop in the amount of taxes and revenue from the oil sands linked to the deep discount price of Western Canadian Select against WTI and Maya crude oil, would result in deep cuts in the 2013 provincial budget.