No. you are wrong. The legislation was passed in 1961 to assist Alberta. The Alberta price of oil was $3.00 while the Saudis delivered up the new St Lawrence Seaway to Chicago for $1.70, occasionally $1.50. The Americans lost interest in Alberta oil. (Sound familiar?) 

Two new pipelines were built to supply Canada as far east as Toronto and Montreal. One carried Alberta natural gas (north of Lake Superior) and the other (Enbridge, south of Lake Superior) carries crude oil. All of Canada west of the Ottawa river which includes Ontario were obligated to use Alberta petroleum.

The Arab oil cartel artificially inflated the price of crude in the mid 70s, eventually to $30 from $3, and a world recession ensued. The substitute for the NOP, the new NEP, was intended to partially shield Canadians from the artificially inflated Arab cartel price.  Alberta felt it was it's right to have the cartel equivalent from Canadians, and so today Ontario buys oil on the world market (St Lawrence Seaway).