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.
Western Canadian Select oil is now trading at negative prices.👇
Killing & delaying pipelines landlocked us.#Covid19 collapsed demand.
The Russian-Saudi price war surged supply, filling up inventories.
The future of hundreds of thousands of Canadian jobs is at stake. pic.twitter.com/n2pGHsh30E
— Jason Kenney (@jkenney) April 20, 2020
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.