Worldwide oil consumption has been on an upward trajectory as of late, and with the Covid pandemic subsiding in much of the world, it appears that resumption in demand will soon be obvious this year and next.
For those with any historical memory, or of a certain age, they may know that the United States once banned exports of crude oil. This started in the mid-1970s, resulting from an oil embargo directed at the United States by selected Middle Eastern countries.
Canadians are used to peace and relative prosperity vis-à-vis the rest of the world and are occasionally naïve about it. They assume it is a regular state of human affairs in history rather than the exception.
It’s hard for anyone but mathematicians and economists to conceptualize numbers that start with “b” as in “billions.” To get around that problem, and as a prelude to comparing major Canadian industries, let’s start with a smaller number and a question: How would you like to make $2,740 every week?