Canada's shrivelled oil industry is slowly shutting down their oil production as global oil prices traumatize businesses, according to CTV News.
As well as this, they have deployed a series of desperate austerity policies which includes slashing spending and trimming costs. Despite all this, the cost of producing oil remains below profitable levels.
Canadian oil companies have already cut millions from their capital budget while others halt well production.
A few days ago, Western Canadian Select fell into negative prices for the first time in history, spelling concern about the economic future of Alberta.
This has been a particularly difficult year for the oil industry who have had to survive government inanition, a pandemic that crippled demand, and finally, a sharp plunge in the price of oil. It is uncertain whether the Canadian oil industry will survive.
The price of oil did somewhat recover over the last two days, but the price of oil still remains dangerously low. This may seem wonderful for the drivers amongst us, but Alberta's economy is in danger of collapsing.
Throughout Canada, storage tanks are nearly full and refineries are reducing their output.
The consequences of all this is difficult to predict. Indeed, Alberta's future as the backbone of the Canadian economy is now uncertain and it is unclear how this may fuel western alienation.
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