CBC: Oil prices jump as Fort McMurray wildfire slows down oilsands production
What's the impact on the oil market? And on the workers?
The price of crude is rising this morning as the wildfire in Fort McMurray, Alta., slows oilsands production.
The Wood Buffalo region of Alberta is the economic heart of the province, and key to world oil markets. It produces more than half of Canada's oil each day and is an important exporter to the United States.
While the oilsands plants themselves are not at risk at this moment, production has not just slowed down, but in some cases has stopped because the plants can't operate at full capacity without staff. The entire population of Fort McMurray has been evacuated, thousands of homes have been lost and it's unclear when the city will be habitable again.
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WNU Editor: The Canadian oil sands are huge producers of oil .... its shut-down will impact global oil prices. I have a distant cousin in Alberta who runs a service company in the oil industry .... and he is telling me that the oil plants and infrastructure will not be impacted by these fires. Unfortunately .... he told me that the staff that operate these plants are impacted .... their homes are being burned down .... and going to work is on the bottom of their to-do list right now.
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