The Canadian crude oil industry has declared a national emergency after prices plunged to record lows.
The American benchmark price for oil is now well below $60 a barrel, having dropped $20 in the last six weeks. While that’s good news for prices at the pump, it’s causing misery for producers. The price of The price of Western Canadian Select closed just under $14 a barrel Thursday.
The crisis has been blamed on a surplus of product and not enough pipeline to move it.
Read full story here: Canadian Crude Oil Industry In Crisis As Prices Plunge To Record Low | CTV News
