As businesses and individuals grapple with soaring energy costs, the situation could become significantly more precarious if Russia were to scale back oil and natural gas production, according to the head of Whitecap Resources.
As businesses and individuals grapple with soaring energy costs, the situation could become significantly more precarious if Russia were to scale back oil and natural gas production, according to the head of Calgary-based Whitecap Resources Inc.
This disruption, coupled with demand far outpacing global supply, has driven the price of American benchmark West Texas Intermediate to largely trade above the US$100 per barrel since March. One of the big underlying factors for why oil prices have hit their highest levels in about six years, he said, is federal energy policies.
He said he has a “clear” message to the federal government – that energy security and affordability should be priorities.
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