The bleeding will be intense. That’s what Russia and OPEC kill off with their market flooding technique. And I think it was always on their target list – moe so than shale which they fully know is much harder to kill. Trudeau will have an opportunity to get Canada on a path of emissions reduction at last for real. At the same time, his economy will be bludgeoned to a bloody mess. Let’s see what people prefer to have. He could – of course, meet Trump and agree on tariffs on non-North-American oil. But he will not do that. Won’t he?
Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.