The Alberta government is paying the price for the success of efforts to develop the oilsands and the failure to develop pipelines to get that oil to market.
The price – as measured by what is known as the differential, or discount, from global benchmark crudes – is currently about $29 on each of the 2.5 million barrels of oil pumped every day in Canada’s biggest oil-producing province. That works out to $72.5 million a day. Over a year, that’s $26.5 billion of potential revenue not circulating in the provincial economy.
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