Drivers in the Greater Toronto Area got a rude awakening at the pumps yesterday. Thanks to escalating geopolitical tensions in Iran, gas prices spiked by 8 cents per litre overnight, pushing the average price for regular fuel up to roughly $1.73 per litre, leaving many motorists feeling gouged at the pumps. Since the conflict in […]
Even after the Strait of Hormuz eventually reopens and Iranian tensions ease, it’s doubtful that the West Texas Intermediate (“WTI”) oil price will decline to its pre-strike level of $65. Instead, we expect today’s $98 price to settle in the $80–90 per barrel range. There are several reasons why we expect a higher floor for […]
Over the weekend, the United States took control of Venezuela’s oil assets. Given Venezuela’s vast oil reserves, it has naturally raised questions about whether Canadian oil producers should be concerned. On paper, Venezuela’s oil reserves are enormous. The country holds close to 17% of the world’s oil reserves, roughly 300 billion barrels, more than Saudi […]
