North American oil prices are marching toward $65 US a barrel this month, giving the industry a boost after the market collapsed three years ago. The oil sector hasn’t seen these prices since late 2014, but most companies in Alberta are receiving significantly less, just above $40 US a barrel.
The Alberta oilpatch continues to increase oil production, but as pipelines fill up, companies are receiving less money for their oil compared to the rest of the continent.
While there is always a gap between the North American benchmark, West Texas Intermediate (WTI), and Alberta’s Western Canada Select (WCS), the divide widened significantly in December and opinions vary about how long it will persist.
Read full story here: Canadian Oil Selling At A Deep Discount – And It Hurts – Business – CBC News
