Joe Oliver Looks On The Bright Side Of Low Oil Prices.
Increased consumer spending and additional money for savings are two of the benefits to lower oil prices, federal Finance Minister Joe Oliver has told CBC News, sounding a reassuring note about how plummeting oil prices will affect the Canadian economy.
Oil prices have dropped dramatically this fall, with the West Texas Intermediate price dropping below $58 US on Friday for the first time in more than five years.
The cost for a barrel of oil is more than $10 less than the estimate used by finance officials to put together the department’s projections in Oliver’s fall 2014 economic update last month.
The prices are also far below the estimates used by finance officials nearly two years ago, when the 2013 budget predicted a barrel of oil would be worth $96 in 2015 and trending up to $97 a barrel in 2017.
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