Fighting in Iraq has crude oil prices on the rise. As a result, some Canadian economists say our country stands to benefit. Although Scotiabank commodity market specialist Patricia Mohr feels a hike in prices will have a “two-pronged impact.” Adding, “on the positive side, it really bolsters earnings for Western Canada’s oil industry, but also the oil industry in Newfoundland and Labrador.”
That’s the good news. The bad news for Canadians will likely be higher gas prices. Also expected to go up is the Canadian dollar. That’s not something exporters ever like to see, because it is more expensive and therefore more difficult to get products to international markets.
(Source: Energy Now)