Many authors, both in academic and political circles, consider that the National Energy Program (NEP) was responsible for the “Canadianization” of the oil and gas industry. This article challenges that interpretation and shows, supported by data, that the decline of foreign control in the Canadian oil and gas industry started well before the launching of the NEP, and that it went on after the abolition of the Program. In fact, the “Canadianization” of the oil and gas industry can be interpreted as a larger process, of the decline of bargaining power of the multinational firms in this industry. A similar process has taken place in other countries, even if the Canadian model has some dimensions of its own.