$100 Oil Is A Wakeup Call For Canadian Producers

Canada's oil producers have been struggling to grow for years. Lack of export routes outside the United States and pressure from the government and regulators have combined to stifle any serious growth ambitions in the oil sands. All this changed earlier this month as oil prices soared to over $100 and the U.S. ban on Russian oil imports automatically triggered a surge in demand for heavy Canadian crude. Bloomberg reported this week that demand for drilling rigs in Canada has jumped to the highest in years. Before the pandemic, Canadian drillers…