COVID-19, Energy and Canada’s Economic Choices Going Forward
Canadian Chamber of Commerce, COVID-19, Energy and Canada's Economic Choices Going Forward
Energy producers throughout the world are in uncharted territory. With nearly half the world’s population under some form of lockdown, an equivalent of the United States’ energy demand has evaporated from the global market. Poof.
This pressure alone was sufficient to put long shadows ahead of the industry, but the breakdown of the production cap brokered between OPEC nations and Russia has glutted the market with oil, sending prices down at a breakneck speed, in some corners of the market even into negative territory. Only an oracle would dare predict what is next for Canada’s oil and gas industry. Mere mortals must content themselves with taking stock of what is and what is not within our power as we muddle through the shadow-world of an ‘upside down’ energy market.