Low Oil Prices Not Having Much Impact: Martin
Written by Steven Wilson on Tuesday, 14 October 2014
Business commentator Paul Martin
Oil prices have been dropping to some of their lowest levels in the past three years, in part due to the ongoing turmoil in the Middle East.
Oil and gas production is a major industry in Saskatchewan and revenues from oil are a key factor in the provincial budget and on what long-term decisions are made by oil companies.
Crude Oil on the US markets have been hovering around the US$90/Barrel mark, but Golden West Business Commentator Paul martin says although the price has slipped, it’s been holding steady.
“It doesn’t appear to have any impact on decisions,” he said. “As a consequence, the drop in oil prices is not as severe, because it’s in US dollars, and we get more US dollars as the Canadian dollar is worth less, so it’s a mitigating factor.”
Martin says the biggest concern for the oil industry in Saskatchewan now is getting their product to market.
via Local News http://ift.tt/1xOQDmt