Fire In Alberta Threatens Oil Production, Helps Boost Price

The massive wildfire in the heart of Canada’s oil country is helping send crude prices higher.

Benchmark U.S. crude rose 34 cents to $44.66 a barrel Friday in New York after earlier dropping by nearly 2 percent. Oil prices often spike when there is concern that production could be curtailed.

Canada is the leading exporter of crude oil and natural gas to the United States, according to figures from the Energy Information Administration. Canada sends about 100 million barrels of crude and 240 billion cubic feet of natural gas per month to the U.S.

https://oilguru.org/2016/05/08/fire-in-alberta-threatens-oil-production-helps-boost-price/