If you had said a year ago that oil would be trading at $0 per barrel, you would have been locked up as mentally incompetent. If you said, oil producers would pay you to take the oil away, you would have been banished to a deserted island. Yet here we are, mid way through the first wave of COVID-19 and staring at an over supply of oil and oil producers are not only giving the oil away, they’re paying upwards of $40 US a barrel for buyers to take it. What will this mean for the Canadian economy, our GDP and what is near and dear to our hearts, prices at the pump? To help us with the discussion is Peter Hall. Peter is the Vice President and Chief Economist with Export Development Canada. You can watch Peter’s weekly commentary by going to www.edc.com.
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