• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 7 mins 60 mph electric mopeds
  • 3 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 2 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 9 hours China to Impose Dictatorship on Hong Kong
  • 1 hour Russia loses its chance to capture the EU gas market
  • 15 mins Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 16 mins So the President is on that Hydroxy
  • 2 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 11 hours Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 15 hours Iran's first oil tanker has arrived near Venezuela
  • 4 hours DEFIANCE – There are More of Us Than Them
  • 8 hours Let’s Try This....
  • 23 hours Ventura County to Replace Natural Gas Generation with Battery Storage
Is The U.S. Prepared For War With China?

Is The U.S. Prepared For War With China?

Just as before World War…

$30 Oil Isn’t Good Enough For U.S. Shale

$30 Oil Isn’t Good Enough For U.S. Shale

Oil prices and energy stocks…

Alberta Slashes Economic Growth Forecast As Oil Prices Bite

Canada’s Top Oil Province on Friday lowered its 2019 economic growth forecast as oil prices continue to flounder according to a government statement cited by Reuters.

Crude oil production in Alberta, which vacillates between serving as its lifeblood and bane of its existence,  accounts for more than 80 percent of Canada’s total crude oil production, and has been hit the hardest of all Canada’s provinces by the widening spread between the Western Canadian Select and WTI benchmarks, which reached a crescendo last month around $50—a spread nearly inconceivable.

Under pressure from falling WCS prices that are now around $15 per barrel and zero spare takeaway capacity to ship oil to its largest purchaser, the United States, Alberta revised downward its economic growth forecasts for 2019 from 2.5 percent to 2.0 percent.

“The oil price differential is a crisis for Alberta and a crisis for Canada,” said Finance Minister Joe Ceci at a news conference Friday, according to the Edmonton Sun.

Faced with no end in sight to the constrained pipeline capacity, a desperate Alberta announced yesterday that it plans to purchase oil trains to move the oil that is now stuck in province, although it is expected to shore up only $4 per barrel of that $50 gap between WTI and WCS.

“We have already engaged a third-party to negotiate and work is well under way. We anticipate conclusion of the deal within weeks,” Premier Rachel Notley said at a recent meeting with business executives.

Despite its best laid plans, Alberta does not expect the first additional rail cars—and only enough to move an additional 15,000 bpd at that—to be ready to move until the end of next year.

Canada is expected to average 4.59 million bpd of crude oil production this year, despite its takeaway capacity constraints.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • John Brown on December 02 2018 said:
    I’m assuming most Canadians are happy w the lost jobs & income? They voted Trudeau into power & everybody knew he wanted to destroy or greatly shrink the Canadian energy industry. He’s succeeded! Seems Canadians got the list jobs & lower standard of living they voted for!

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News