Magazine June 1, 2020, Issue

No Oil Bailout Is Worth the Green New Deal

A TORC Oil & Gas pump jack near Granum, Alberta, Canada, May 6, 2020 (Todd Korol/Reuters)
‘Stop trying to help us,’ the industry says

‘Oil is dead.” So goes the wishful thinking of the Left in Canada. And not just in Canada. 

Canada’s oil industry, like others around the world, has taken a beating: Before the coronavirus epidemic, prices already were low and declining, with U.S. shale producers fracking the world into oil abundance, sending prices down from over $100 a barrel in 2014 to less than $30 a barrel just two years later. The failure of the joint Saudi–Russian effort to cut production sent prices down even more, and then came the coronavirus epidemic, which cut demand off at the legs and sent oil

This article appears as “‘Stop Trying To Help Us,’ Says Oil Business” in the June 1, 2020, print edition of National Review.

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A reader responds to Theodore Kupfer and Ramesh Ponnuru’s article, “Coronavirus Lockdowns: Going the Distance.”

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