Canada's oil patch (Alberta primarily) is currently experiencing unprecedented distress - Canadian oil prices set record lows yesterday at $8/barrel, dramatically below break-even costs:
Quote:
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Western Canadian Select (WCS) was changing hands at one point as low as $7.63 US per barrel, down $4.60 from Tuesday's level. The U.S. benchmark known as West Texas Intermediate (WTI) also fell to below $22 a barrel, a level it has not hit since 2003.
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https://www.cbc.ca/news/business/sto...sday-1.5501335
Companies here are going to go bust. "High cost" producers everywhere are in big trouble. This combination of events is the stuff of the Saudis' & Russians' wildest dreams.
This is going to make life hard for a lot of Albertans.