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Low oil prices prevented a full recovery until the 1990s.By the end of the decade, however, the economy was in recovery.
The period during this recession marked Calgary's transition from a mid-sized and relatively nondescript prairie city into a major cosmopolitan and diverse centre.
Brisebois, it was renamed Fort Calgary in 1876 by Colonel James Macleod.
When the Canadian Pacific Railway reached the area in 1883, and a rail station was constructed, Calgary began to grow into an important commercial and agricultural centre.
Already a transportation and distribution hub, Calgary quickly became the centre of Canada's cattle marketing and meatpacking industries.
By the late 19th century, the Hudson's Bay Company (HBC) expanded into the interior and established posts along rivers that later developed into the modern cities of Winnipeg, Calgary and Edmonton.
In 1787, cartographer David Thompson spent the winter with a band of Peigan encamped along the Bow River.
He was a Hudson's Bay Company trader and the first recorded European to visit the area.The city's economy grew when oil prices increased with the Arab Oil Embargo of 1973.The population increased by 272,000 in the eighteen years between 1971 (403,000) and 1989 (675,000) and another 345,000 in the next eighteen years (to 1,020,000 in 2007).The NWMP detachment was assigned to protect the western plains from US whisky traders, and to protect the fur trade.Originally named Fort Brisebois, after NWMP officer Éphrem-A.In 1884, the HBC established a sales shop in Calgary.