The drop in oil prices has sparked some fears about oil sands projects, with the Calgary Herald reporting that prices below eighty dollars could put new projects in jeopardy.
Oil closed at $79.30 US per barrel yesterday. The jump came after OPEC says it expects oil demand to keep growing this year, although a bit more slowly than they originally thought.
Reports say that big-ticket oilsands projects will stay profitable at this level — prices would have to drop closer to $70 to cause problems.
