Message to the Oil Price Doomsayers: Chill Out
By: Cody Battershill Article featured in the 2015 Spring Edition of CAGC's quarterly magazine, The Source. As the price of oil declines, prediction of doom-and-gloom pervade the media. Here's me message to the catastrophe-is-coming crowd: Chill out! No doubt, the declining price of oil is having and economic impact on the oil sands and given the importance of the oil sands to the country as a whole, declining oil prices mean Canada's economy will be challenged too. But there's no reason for panic. Commodity prices are cyclical and Canada's oil sands industry has always been focused on the long-term. Over the long-term, there's no doubt the industry will continue to grow and strengthen and the sector will remain of vital importance to the nation's future prosperity. Despite lower oil prices, the Canadian Association of Petroleum Producers indicates 2015 capital investment in the oil sands is forecast to be $25 billion, down from last year, but ...