Canadian oil has been setting some records over the past few years but in all the wrong ways. In late 2018 for example, the differential between WCS and WTI set a record high, reaching a $50 price differential.
And just recently another unwanted record was set for WCS. Amid the coronavirus outbreak and OPEC+ price war, it was selling at a record-low of around $5 per barrel at the end of March 2020.
This discount is a disaster for Canada's economy and it's paramount that our country solve this problem as quickly as possible.
WTI vs. WCS - oilprice.comRead more
It’s no secret that Canada’s energy sector has been struggling in 2019. It’s unfortunate that this year so far has been but a continuation of many before it where the oil and gas industry has seen capital investment and investor confidence drop significantly.
Meanwhile, countless layoffs have forced talented individuals to move to other more competitive jurisdictions for jobs and better employment opportunities, many of whom are relocating south to the United States.Read more