Weekend Edition: Alberta Producers Losing $18B a Year
According to a recent CIBC world Market report, oil producers in Alberta are missing out on $18B (B for Billion)/year by selling out their Canadian oil priced substantially lower than international crude.??Weve??got Brent oil trading around $126, WTI oil around $107 and our Edmonton light trading around $96 a barrel not to mention the Western Canada Select (heavy oil) at $76 per barrel. Canada is obviously leaving a lot of money on the table. The worst part is these losses are expected to continue into 2014.
The Seaway pipeline reversal will help in the very short term but not long term because production is growing quickly in the Bakken and from the oil sands. The pipeline infrastructure is just not there to handle the growth.??Why??isnt??the government treating this with the utmost urgency? Why are we giving away our oil at these ridiculous prices? Why??arent??we building pipelines to the east or west? Selling our??non-renewable resources at this discount is almost akin to waste!
My Plan to Not Go Totally Bust In 2012 (Invest it Wisely)
Buying What you Know Makes Sense (My Own Advisor)
Building My Portfolio for Retirement, with Dividends and Bonds (Dividend Ninja)
Investing in Farmland (101 Centavos)
Have a Great Weekend!