Canadian Oil Prices Tank into Negative Numbers

Oil Prices are tanking but don't expect 1950s gas and diesel prices
Oil Prices are tanking but don't expect 1950s gas and diesel prices

Oil prices for Western Canadian Select have tanked. Prices for a barrel of Canadian oil are now in negative numbers. At one point in trading on April 20, 2020 the price for a barrel of Western Canadian Select fell to -0.01 per barrel.

The impact on the Alberta economy is going to be massive. This will as time goes along also impact the rest of Canada’s economy.

However, don’t expect gas prices to fall below about 43 cents to 53 cents. This is because of the taxes, including the new Carbon Tax on the price of a litre of gas or diesel fuel.

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