Story of the Week: September 2021

Oil demand in 2018 rose steadily, but confounded other expectations. The leading source of consumption growth was not China or India, but rather the United States. Sales of electric vehicles set new records, although they are yet to make a very visible dent in oil consumption.

"A hasty divestment brought about by student activists will impact a school’s endowment. While oil stocks have been especially beaten down in 2020 thanks to the struggle of OPEC+ to reach a production agreement and the Coronavirus pandemic destroying a significant chunk of demand, oil companies have traditionally been a steady and dependable stock that pays a significant dividend."

In 2019, Canada produced 4.7 million barrels of oil per day (b/d), of which 94% came from producing areas in Western Canada. Total production is expected to increase to 5.8 million b/d by 2030. In 2019, Canada exported more than 3.7 million b/d to the U.S.

Only fossil fuels provide low-cost, reliable, versatile, global-scale energy. Unreliable solar and wind can't come close. That's why fossil fuels continue to grow in the developing world; China and India have 100s of coal plants in development.