OPEC Deal Collapse Price War, Coronavirus unleash devastation on oil prices.

Amid the virulent Coronavirus spreading and an oil price war caused by the collapse of an OPEC deal, oil prices have crashed.

West Texas Intermediate fell 23.8% to $31.46 a barrel.

Brent Crude fell 23% to $34.88.

The Canadian Crude Index fell 27% to $20.32.

If this drop is sustained, it will cause severe damage to provincial and national budgets, which – combined with the Coronavirus – will raise the possibility of a recession.

Spencer Fernando

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shawn harris

Just think, how much stronger and better equipped, the oil industry, to withstand such a price shock as is happening now, if Trudeau instead of trying to crush and phase out the oil industry, had actually done everything within his power to support and promote the oil industry and it’s investors.
So now, Trudeau may actually realize his father’s dream of destroying Alberta and crushing the oil industry, so he could nationalize it.