The wildfires around Fort McMurray have not only caused a massive evacuation, but many oil sands companies in the region were forced to scale back or stop production altogether.
But with the fires now easing, production is now getting restarted – and not a moment too soon for the country.
Senior petroleum analyst Dan McTeague says some economists have been painting a grim picture for Canada’s economy.
“They said that the fires not only would cause greater insurance numbers – which were bandied about – but more importantly would drive the Canadian economy to zero growth in the second quarter,” he says.
McTeague adds the oil sands are critical to North America and he notes how the American industry paid attention when the inventory of oil dropped considerably this week.
