Oil is Alberta’s business, however, the price of Western Canadian Select, which is made up of heavy conventional and bitumen crude oil, has been decreasing.
With the Province’s reliance on this huge energy commodity, both politicians and economists point to a sluggish Alberta economy limping into next year’s fiscal budget, which will be made public in March.
According to Net Energy Inc., a crude oil trading system based in Calgary, Western Canadian Select has been trading at roughly $35 per barrel less than benchmark West Texas Intermediate (WTI) crude.
Though the price of Alberta oil has always been offered at a discount, the differential between what’s shipped out of the province compared to WTI or other world oil prices has increased quickly and put Premier Alison Redford’s government under pressure. Read the full story at the Rocky Mountain Outlook.