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Western Canadian Select plunges to $5 per barrel, leaving Alberta oilsands struggling

Source: Adam Macvicar, globalnews.ca, April 2, 2020

Due to record low prices, oil companies in Western Canada have had to cut capital expenditures and temporarily lay off employees in northern Alberta.

Oil and gas producers in Alberta may very well be facing their toughest challenge to date, as the price of Western Canadian Select closed at US$5.29 Wednesday.

Experts have attributed the price drop to the ongoing COVID-19 pandemic, as well as a production war between Saudi Arabia and Russia.

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