Notley appoints envoys to reduce oil price gap
Premier Rachel Notley has hired three envoys that will work to reduce an oil price gap she says costs Canada’s economy more than $80 million a day.
Western Canadian Select (WCS) crude is trading at $14.68 per barrel on Monday—nearly $45 fewer than Western Texas Intermediate (WTI) crude.
“Make no mistake: This price gap is a real and presents danger to the Canadian economy,” Notley said at a news conference Monday morning.
The Premier blamed Canada’s “decades-long failure to build new pipelines” for the historic gap.
“Canada is holding its own economy hostage, and of course, it’s holding Alberta’s economy hostage. If Canada acted like the country that we are, we would be shipping our oil by pipeline to new markets around the world.”
While the pipeline situation is resolved, Notley hired three envoys to work with the energy sector to develop solutions to reduce the price gap: Brian Topp, Notley’s former chief of staff; Coleen Volk, Deputy Minister of Energy; and Robert Skinner, University of Calgary School of Public Policy Executive Fellow.
The three will begin their work immediately.
“We must do what we can to close this differential as much as we can,” Notley said.