“Canadian heavy crude has become so cheap that the cost of shipping it to refineries exceeds the value of the oil itself, a situation that may result in even more oil-sands producers shutting operations.
Western Canadian Select crude in Alberta dropped $2.84 to a record low of $6.45 a barrel on Thursday, according to Bloomberg data going back to 2008, almost as cheap as a Starbucks venti-sized pumpkin spice latte. Synthetic crude, produced from oil-sands bitumen that’s been run through an upgrader, is in even worse shape: the price tumbled $9.94 to $10.85 a barrel, also a record-low.”
The link is here… I do question the comparison to a “cheap” Starbucks drink as Starbucks has shut down here and are unavailable at any price!
Leave a Reply