Oil is not dead. Plastic consumption is going to explode as single use trumps re use in the new normal.
Rise of PPE and greater use of plastics in food service for sanitary reasons will boost demand. Reuse is now a bad word in the post pandemic world. The plexi glass is not coming down. People care about the environment, but it takes a back seat to personal health concerns.
Medical community already generated tons of waste - more now is coming. We were already drowning in plastic before. What we do with even more of it now is the challenge.
The recent collapse in oil prices should reverse itself rather quickly due to the re-opening of world economies coupled with supply cuts. The price at the pump is already seeing the rebound. Still plenty of uncertainty, but I believe high oil prices will consume much of the financial discussion before 2020 ends.
So you May wish that oil is dead. But demand for oil is not changing, what it's used for is.
So if oil consumption is not going away it only makes sense that Canada profit from its abundance. It's not like we don't need the money. I'd rather buy it from fellow Canadians than anyone else.
So if oil consumption is not going away it only makes sense that Canada profit from its abundance. It's not like we don't need the money. I'd rather buy it from fellow Canadians than anyone else.