A drop in global oil prices may favor consumers, but it also cuts the revenue of companies and oil-producing countries. It has considerable implications, for instance, on Canada, the world’s fifth largest oil producer, where the oil and gas industry contributes around $50 billion to the national economy.
B.C. Premier Christy Clark remains optimistic, however. During the recently concluded B.C. Natural Resource Forum in Prince George, Clark expressed her belief that adapting to these changes will help the local energy industry resist fluctuations in oil prices. It is also worth noting that other natural resource sectors like liquefied natural gas (LNG) are growing strong.