It’s not much good for Alberta, but the low oil price does have its benefits for the country.
According to Ranko Berich, Head of Market Analysis for Monex Europe our dollar is clearly tied to the price of oil. When oil goes up, the loonie soars. When oil drops, so does the lour currency.
The upside according to Berich, who was talking to delegates at the Oil & Gas Awards Industry Summit, is not going to be much comfort to those working in the oil sands. Because Canada is an exporting country our products are now more desirable to our customers because they are cheaper.