Western Canada Miners (Photo credit: Wikipedia)
English: A Vickers Vedette replica at the Western Canada Aviation Museum, Winnipeg, Canada (Photo credit: Wikipedia)
Canada Geese (Photo credit: haansgruber)
NDP labour critic Alexandre Boulerice called
Bill C-377 an assault on the rights of Canadian workers similar to
what’s being seen in the U.S.
Wrong aircraft, wrong price, delivery delayed indefinitely, overly complex and unreliable,...what's not to like ?
Oil produced from Alberta's oilsands sells for up to $50 a barrel less than oil that Canada needs to importThe wide gap between oil’s global benchmark price and what Canadian producers can get for their oil is costing Canada $2.5 billion a month, according to new research that sees the spread remaining for years even if new pipelines are built.
Normally, the price gap between Brent North Sea oil and Western Canada Select oil is $10 to $15 a barrel, says Charles St-Arnaud, an analyst at Nomura Securities. But currently, that spread is a near-record $50 a barrel.
“The significant spread is due to a lack of possible export markets for Canadian oil and this situation will likely persist until Canadian oil manages to flow into export ports or areas of demand in North America,” St-Arnaud says in his report.
He notes that Canada imports more than 40 per cent of the oil it consumes, even though it is a big exporter of oil. “This is the result of the pipeline network that brings oil from the Western provinces to the U.S. Midwest, with no branch bringing oil to the eastern part of the country.”
The oil Canada imports is priced at lofty Brent levels, while Canadian producers have to sell their oil at a big discount. “Oil flowing from Canada to the U.S. is viewed as oversupply, depressing the price for Canadian oil,” he says.