Several companies are now looking to cut production, and even taking steps to encourage officials in charge to mandate output cuts until the oil is cleared. At the current rate companies’ profits are being slashed and the prospects look grim if this continues for a considerable time.

Oil is one of the main influencers for the Canadian dollar and the current oil price crisis is forecasted to be costing between 80-100m Canadian dollars a day. The Canadian Central Bank raised interest rates this year trying to keep track with the US Federal Reserve, however expectations may start to come under threat if the issue continues.

Some experts are suggesting that President Trudeau may start coming under pressure to fix the problem, as outside the major corporation’s profits, oil is a major industry with a huge amount of jobs attached. Trudeau had previously tried investing heavily into oil expansion coupling that with environmental measures. His efforts to clean-up oil production may now be part of the problems, and he doesn’t look to have a solution.

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