Give it a year and the demon of ‘foreign oil’ will be knocking on the doors of North American import terminals — again
— Donald J. Trump May 18, 2020He’s right: oil is no longer being given away for free. Benchmark prices have clawed their way above US$30-a-barrel for the first time since early April. But few would be convinced that THE NORTH AMERICAN OIL INDUSTRY IS BACK!!!!
North America reduced its dependence on foreign oil from almost 70% to a mere 20% in just over a decade Being mostly self-secure in oil supply shields us from the possibility of foreign disruption, but the economy and environment benefit too. Keeping several hundred billion dollars of commerce within our boundaries helps trade deficits and creates tens of thousands of high-paying domestic jobs. Having oversight of environmental regulations is also vital to keeping tabs on climate change targets.
Post-pandemic all three sources of capital will be scarce. Cash flow by itself won’t be enough. Thirty-dollar oil may keep the lights on but doesn’t provide enough money to sustain flat production. Even fifty bucks makes it tough. Investment from Wall Street and Bay Street? That was largely cut off starting in 2018.
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