By Canadian Press

Oil industry pleads for help but feds still mum on when that will come

Apr 4, 2020 | 3:02 AM

OTTAWA — Canada’s oil producers are growing frustrated that they have yet to see a promised federal aid package to help bail out their industry from an unprecedented drop in demand.

Canadian Association of Petroleum Producers President Tim McMillan says his sector has been crippled by the combined whammy of COVID-19 and a production war between Russia and Saudi Arabia that flooded the market with more oil it didn’t need.

A Western Canadian barrel of oil cost less than an expensive cup of coffee at one point last week, before rebounding slightly on news of a possible deal between Saudi Arabia and Russia.

But companies are still curbing production, laying off staff and cancelling investments and that won’t change unless the government makes good on a promise to inject some credit help.

McMillan says some of the smaller producers may not be able to last much longer without help.

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Prime Minister Justin Trudeau says oil companies can apply for the COVID-19 wage subsidy all industries are eligible for, but he says he knows the sector has been hit harder than most and there is more coming.

This report by The Canadian Press was first published April 4, 2020.

The Canadian Press