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- Higher oil prices are still a net positive for the Canadian economy, said CIBC's Shenfeld, but things are different this time. "When they're caused by disruptions in the global economy they are not as powerful as when they are caused by strength in economic activity around the world," he said.
www.cbc.ca/news/business/oil-prices-canada-s-economy-1.6459514Why high oil prices aren't creating an economic boom in Canada
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Oct 21, 2021 · The price of Western Canadian Select crude oil (WCS, the benchmark price for Alberta oil) averaged US$45.13 per barrel in January 2021. By the first week of October, that price had increased to $64.78 per barrel. Other things being constant, the price increase should stimulate economic activity in Canada’s oil sector.
- Less Investment Appetite
- Record-Setting Profits
- Demand Flexible, But Steady
The last time the global price of oil surged this high, starting in 2008, there was a surge in investments and a hiring boom. Commodity expert Rory Johnston says years of low prices and low profits have made companies wary of moving too quickly this time. "There's a lot of scarring that occurred over the past decade," said Johnston, author of the n...
Higher oil prices are still a net positive for the Canadian economy, said CIBC's Shenfeld, but things are different this time. "When they're caused by disruptions in the global economy they are not as powerful as when they are caused by strength in economic activity around the world," he said. As the price of oil has skyrocketed these past few mont...
So will the high prices stay? These past two years have been some of the most tumultuous and volatile in modern history. It's easy to wonder if maybe things have changed. "I have an allergic reaction as an economist to any claim that this time is different," said Brett House, formerly the deputy chief economist at Scotiabank. He says there were man...
Apr 3, 2024 · The rise in oil prices could provide a much-needed boost for Canada’s crude oil producers, who went through a weak 2023 and potentially benefit the economy as well. Budgets in oil-producing provinces estimated WTI prices between $74 and $78 a barrel, Ercolao said.
Nov 16, 2021 · In the short term, higher oil prices will lead to higher costs of production, increased inflation, and decreased living standards for consumers of oil; In the long-term, higher oil prices can stimulate investment in oil (and alternative energy sources) and also encourage consumers to seek alternatives (e.g. electric cars.)
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Jun 8, 2022 · Why high oil prices aren't creating an economic boom in Canada. Typically that discount is about $10-$15 US a barrel, but recent events have pushed the gap to beyond $20. That's the widest...
20 hours ago · The agency’s World Energy Outlook said growth in near-term oil supplies will mainly come from Canada, the United States, Brazil and Guyana, though a slowdown in demand and a softening in energy prices are imminent given the expected global surge in electricity consumption and rise of electric vehicles (EVs). Advertisement 2. Story continues ...
May 12, 2022 · Canada exports many commodities like oil and gas. When their prices are higher around the world, our exports command a higher price. This pumps more money back into the economy.
