Bloomberg Media is calling Canada the world’s biggest loser when it comes to oil.
That’s because the country exports oil for more than thirty dollars a barrel less than it imports oil.
That buying high and selling low is creating a drag on economic growth and costing the country about 19 billion dollars a year.
CIBC Vice Chairman Jim Prentice says new pipelines like Keystone XL and Northern Gateway are the only way to solve the problem; though experts say the price gap will likely stick around because of the glut of oil supply in Cushing, Oklahoma driving the price down.
Published May 8, 2012
