Oil prices are dropping fast as the world pumps more than it needs – and that’s bad news for Canada (Troy Media)
By Rashid Husain Syed Oil prices are on the verge of a sharp and sustained decline. Despite short-term fluctuations and a range of analyst views, the underlying market fundamentals—surging global supply and flat demand—point to one outcome: crude is going down. Falling oil prices have ripple effects across Canada, impacting everything from jobs and government revenues to household fuel costs and weighing on the national economy as a whole. And because Alberta’s economy plays such an outsized role in Canada’s overall economic health, those effects extend far beyond its borders. A new report from U.S. law firm Haynes Boone, based on its Spring 2025 Energy Bank Price Deck Survey, publicly released last week, shows a notable shift in sentiment. The 28 banks surveyed, the largest number to date, now expect West Texas Intermediate (WTI) crude to average just US$58.30 per barrel in 2025, a 5.8 per cent drop from the forecast issued only months earlier, according to the survey findings. Th...