CALGARY — Experts say the price of crude oil could hit US$100 per barrel this winter.
The return of travel and the easing of pandemic restrictions around the globe has sent demand for oil skyrocketing. Oil prices are already at seven-year highs.
The North American benchmark West Texas Intermediate price Monday hovered around US$78 per barrel. Experts say crude prices could spike even higher this winter, especially if a rebound in air travel drives up demand for jet fuel.
The last time oil was US$100 per barrel was in 2014. It spurred major expansion and growth in Canada’s energy sector.
But experts say the oilpatch is leaner now after years of low prices. They say the current spike in prices likely won’t mean a lot of new hiring or the announcement of new oilsands projects.
Adam Legge with the Business Council of Alberta says companies will likely take advantage of high prices to invest in emissions reductions technology instead.
This report by The Canadian Press was first published Oct. 4, 2021.
The Canadian Press
- 0029 Latus Viro updated Latus phone
- 0031 Lloydminster_Heavy_Oil_Show_20220031 Lloydminster_Heavy_Oil_Show_2022
- 0027 TED_NA Helium 2021_30
- 0028 SIMSA_Energy_Forum_2022
- 0025 Kendalls
- 0026 Buffalo Potash Quinton Salt
- 0023 LC Trucking tractor picker hiring mix
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0019 Jerry Mainil Ltd hiring dugout
- 0018 IWS Hiring Royal Summer
- 0014 Buffalo Potash What if PO
- 0015 Latus Viro PO Ad 01
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0006 JK Junior
- 0004 Royal Helium PO Ad 02