Canada to Spend $10 Billion to Bail Out its Oil Industry
A major Canadian crude oil benchmark fell sharply on March 19. Western Canadian Select lost half of its already severely depressed price to close at $5.43 per barrel. That massive drop made it, at the time, by far the lowest of the major global oil price benchmarks. Even before the drop, Western Canada's oil industry, located in Alberta, was on "life support" according to Jason Kenney, Premier of the province.
The Canadian federal government has acted quickly, with word of a CA $15 billion (about $10 billion US) package to keep the country's oil industry afloat in unprecedented times.
Alberta's Oil Sands face a tough future. Image source: Getty Images.
Source Fool.com