Over the last few weeks, the higher breakeven costs for oil and the lack of sufficient takeaway capacity has come back to haunt Canada’s oil patch. Two months ago, the Canadian Association of Petroleum Producers (CAPP) was expecting upstream capital investment in Canada’s oil sands to grow this year from 2019 for the first increase in capital expenditures in five years due to “a more competitive economic environment,” thanks to new policies of the Alberta government. It took just two months of a ‘black swan’ global event not only to wipe out any competitive environment but to send Canada’s oil industry fighting for its life, again, just five years after the previous oil price crash from which the industry had just recovered. Due to the price war and the demand plunge in the pandemic, the price of Western Canadian Select (WCS) , the benchmark price of oil from Canada’s […]