In 1971, two businessmen who had already established the American Basketball Association, also became involved in establishing the upstart World Hockey Association. Gary Davidson and Dennis Murphy were determined to put together a league that would rival the NHL for the public's hockey dollar. Despite all of the predictions that the league would not be successful, it nonetheless got underway for the 1972-73 season.The new league consisted of an east and west division with 6 teams in each.

The Alberta Oilers were led by "Wild" Bill Hunter as spokesman, and Ray Kinasewich as coach. The team got its name because it was originally supposed to be a provincial team, playing half of its home games in Calgary and half in Edmonton, however that idea was swept aside prior to the start of the first season. By the end of their first season, the Oilers had Hunter on the bench as coach and finished tied for 4th place with the Minnesota North Stars. A tie breaker game had to be played which Minnesota won 4-2, thus knocking Edmonton out of a playoff berth.

In their second season the team was renamed the Edmonton Oilers and the club finished the season with 38-37-3 record, good enough for third place. Once again though they were eliminated from the playoffs by Minnesota.

The next three seasons saw a few changes for the Oilers as they failed to become a contender for the Avco Cup. Former NHL goalie great Jacques Plante joined the team for the 1974-75 but his season was cut short by a broken hand. Former Toronto great Norm Ullman joined the club and scored his 500th career goal. Bill Hunter had to once again take up the coaching duties after Clare Drake was let go. By the end of the 1975-76 season the Oilers finished 4th in the Canadian Division and were knocked out of the playoffs by Winnipeg. The following season they made it to the playoffs but could not advance to the finals which were won by the Nordiques.

The following year, 1977-78, began a battle between the two leagues that would eventually see the WHA fold and send 4 teams to the NHL. The WHA had lured many hockey legends from the NHL with huge sums of money, thus reducing the on ice talent and drawing card of the NHL. Toronto Maple Leaf owner Harold Ballard spearheaded a campaign to fight a merger plan between the two leagues. Six cities were accepted into the NHL for $2.9 million each..Edmonton, Quebec, Hartford, Winnipeg, Houston and Cincinnati.

In 1978 unknown to anyone for sure, but suspected by many, the Oilers lured teenage superstar Wayne Gretzky away from the Indianapolis Racers for a mere $850,000. At the time Gretzky signed a 21 year personal services with new Oilers owner Peter Pocklington, the longest contract in NHL history, for a reported $4-$5 million. The deal was signed on Gretzky's 18th birthday at centre ice before 12,000 fans.

That year the battle between the two leagues ended as the NHL agreed to accept 4 teams into the league for the 1979-80 season. The cost to enter the NHL back then was a mere $6 million. In their final season the Oilers managed to finish first in the league with 98 points and Gretzky finished 3rd in the scoring with 46 goals and 110 points. The Oilers lost in the final to the Winnipeg Jets, ending their WHA existence without winning the Avco Cup.

The Oilers acquired Mark Messier in the Entry Draft, who just the previous year had jumped from Tier II Junior Hockey to the Cincinnati Stingers of the WHA. In his first season in the NHL Gretzky showed he was going to be a force to be reckoned with. While his Oilers finished 4th and were eliminated by Philadelphia in the first round, Gretzky was already beginning his assault on the record books. He tied the record for most assists in a game, 7, set a scoring record for first year players with 137 points, and tied Marcel Dionne for the NHL scoring race, but was declared to have finished second because Dionne had scored 53 goals to Gretzky's 51. Gretzky was also declared ineligible for any rookie award because of his having played in the WHA. Had he been able to participate in the rookie awards, he would still hold the record for most points by a rookie.

At this point the history of the Oilers was largely driven by the history of Gretzky. In the 1980-81 season Wayne was voted the male athlete of the year. He led the league with 164 points, and set a new record for the highest points per game average of 2.05 and set 5 other scoring records. Gretzky also established 5 other scoring records that season. The Oilers finished 4th in the Smythe Division and eliminated the Habs in the first round, and were in turn eliminated by the New York Islanders.

Gretzky stunned the hockey world in 1981-82 by signing a $20 million contract for the next 15 years, making him the highest paid NHL player up to then. He then proceeded to score a record 92 goals, 120 assists and 212 points, which put him 65 points ahead of second place Mike Bossy. Despite his presence the Oilers led the Smythe Division but were eliminated by the Los Angeles Kings. Gretzky also managed to win the Art Ross and Hart Trophies.

The following season Gretzky continued his dominance by capturing the scoring title for a third straight season. As a team the Oilers set a record for the most goals, 424 and three Oilers, Messier, Anderson and Gretzky all had over 100 points. The Oilers went all the way to the Stanley Cup finals but were defeated by the New York Islanders.

1983-84 saw the "changing of the guard" for the Oilers. Once again Gretzky led the way finishing the season with 87 goals, 118 assists for 205 points. Paul Coffey also had an outstanding year registering 40 goals, 86 assists for 126 points which at the time, established a new scoring record for defensemen. As a team the Oilers broke their team scoring record with 446 goals and went all the way to the Cup finals, this time defeating the New York Islanders in 5 games.

The next season Gretzky reached the 1000 point mark in just his 423rd game. The Oilers finished first in the Smythe Division for the 4th consecutive time and then captured the Stanley Cup for a second time eliminating the Kings, Jets, Black Hawks and then the Flyers. Paul Coffey once again established a new, and still existing record for most goals by a defensemen (48) in 1985-86. Jari Kurri earned the scoring title, becoming the first European to do so and the Oilers were on top of the Smythe Division. Not to be left out, Gretzky amassed a record 215 points, which continues to be a record that would appear untouchable under today's playing conditions. The Oilers looked like they were on their way to another Cup victory until an errant clearing pass by Steve Smith bounced into the Oiler net, giving the Cup to the Calgary Flames.

The 1987-88 season was milestone in hockey history. Gretzky passed Gordie Howe to become the all time assist leader in the NHL, recording his 1050th assist. Paul Coffey was traded to the Pittsburgh Penguins because of comments made by owner Peter Pocklington questioning Coffey's courage. The Oilers finished second in the Smythe, behind Calgary but went all the way to the Cup finals, defeating Boston in 4 games to capture their 4th Cup in 5 years. Mario Lemieux ended Wayne's 8 year ownership of the Hart Trophy, and in July, Wayne married actress Janet Jones.

In baseball, Bobby Thompson had the "shot heard around the world" as he helped his team win the World Series. On August 9, 1988, Oilers owner Peter Pocklington made the "trade heard around the world." The unthinkable happened when the Oilers traded Gretzky to the Los Angeles Kings along with Mike Krushelnysk, Marty McSorley and minor leaguer John Miner. In return the Oilers received $15 Million in cash, Jimmy Carson, Martin Gelinas, 3 first round draft picks and the rights to minor league defenseman Craig Redmond.

Hockey history was made once again by Gretzky on October 15, 1989, and fittingly it was made in Edmonton. With time winding down, and Bill Ranford in net, Gretzky scored his 1851st regular season point, establishing a new NHL record for most points in a career. After hanging up his skates 10 years later, the Great One had amassed an astounding 2,857 regular season points, over 1100 points ahead of his nearest rival currently playing in the NHL, former team mate Mark Messier. On February 28 of 1990 the Kings and Oilers were battling it out once again when a brawl erupted which by the time it was done saw several new records established for penalties and penalty minutes in a single game. That same season the Oilers managed to win the Stanley Cup, this time without Gretzky, but it was apparent that the Oilers magic was fading. Jari Kurri was back in Europe, Grant Fuhr was suspended for substance abuse and the finshed 3rd in the Smythe and eventually were eliminated in the Conference finals by the Minnesota North Stars.

By the 1992-93 season the Oilers of the '80s had been dismantled. Gone were Fuhr, Anderson, Messier and Nichols, and for the first time in their history, the Oilers finished out of the playoffs. By the end of the next season, the Oilers were last in the Pacific Division. Big business crept into the Oiler's world in 1995-96 when Commissioner Gary Bettman said that Oiler's seasons ticket sales had to rise from 6,800 to 13,000 for the team to qualify for the NHL's Canadian Assistance Plan. The city of Edmonton responded, including goalie Curtis Joseph who bought a sky box for handicapped children.

1998 saw the Oilers nearly leave Edmonton. Through a bizarre chain of events the Oilers ended up being owned by a consortium of local businessmen. A legitimate offer had been presented to the Oilers ownership from Les Alexander of Houston Texas and Edmontonian were afraid the club would be moved. A second potential "secret" buyer, represented by a New York Businessman was reported ready to buy the club, but once the potential buyer was checked out, that proved to be a hoax. On March 13, 1998 the local consortium purchased the Oilers, and they will hopefully remain in Edmonton for some time to come.

For the next 3 seasons the Oilers could not finish any better than 2nd in their division, and each year they have been eliminated by the Dallas Stars either in the Conference Semi Finals or Quarter Finals. The Oilers are known as one of the fastest skating teams in the NHL. With players like Doug Weight, Todd Marchant, Mike Greier and Ryan Smyth Edmonton has the ingredients to rebuild themselves into a contender.