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Until very recently, nearly any news out of the Canadian oil sands was certain to be a tale of woe. While Alberta’s oil and gas industry didn’t suffer from lack of demand nor lack of supply, a major pipeline shortage left the industry unable to connect the two. This deficit in transportation infrastructure led to a glut in oil supply, which forced Canadian oil companies to sell their oil at a severe discount. All of this has caused the Canadian oil industry to lose tens of billions of profits per year . But the worst was yet to come. Back in what some are now calling “Black April,” when the West Texas Crude intermediate benchmark famously plunged below zero for the first time in history, ending April 20th at nearly negative 40 dollars, Canadian oil actually dipped below zero hours before its neighbors to the south. Unlike in the United States Permian Basin, however, where the pain just keeps coming , it looks like Canadian oil is finally set to turn a new page. In recent weeks and months, news out of the oil sands has changed its tune, and the prognosis for the faltering industry is now one […]
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