But that’s not the way to bet.
With oil currently in such short supply, you would expect Canada, the world’s fourth-largest oil producer and flush with oilpatch profits, to be expanding production. The first is the rapid reopening of the global economy after the deep pandemic recession. The result has been a spike in oil demand and resulting shortages and price hikes.
That end to torrid and inflationary economic growth, with a reduction in the price of oil and other commodities, is the consensus view of economists. A decarbonization campaign in Europe that was spurred by climate change concerns prior to the Feb. 24 onset of hostilities in Eastern Europe has since become a geopolitical issue as well.
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