As recently as a couple of months ago, few in Alberta would have predicted that the biggest blow to their oil-driven prosperity since the global financial downturn would come via a shakedown by Saudi Arabia.
The most popular assumptions about the big risks would have been: lack of market access, competition from U.S. shale production, green campaigns against the oilsands, policy initiatives related to climate change and investment scarcity because of tighter federal rules on state owned enterprises.
So does this mean the energy industry is starting to feel the heat from Tesla and others in electric and so are purposely driving prices down?
Tesla’s stock has been taking a beating in the stock market because of this.
It’s crazy to see prices drop to 85cents. Haven’t seen that since the 90s. Sadly i doubt it will last. Maybe another month and we will be drowning in $1.60 🙁
What i find fascinating is even though prices are lower you can expect outrage from the public when it does jump up quickly. And then they will acquiese and accept reality because they depend on it.
We are going to run out of oil eventually. Consider this the eye of the storm before prices jump back up. Time to think about transitioning off this.
The article keeps talking about the Saudi’s and forget their are other members of OPEC such as Nigeria that are top contributors in oil.
I always here about the XL Pipeline. Is it going to not be built now? I am not a fan of it when i heard that Harper was involved.
This is fully expected and anyone who kept up in the news would have seen this drop back 6-months ago.
One good thing about less oil is less wars 🙂