Canada’s economy may not benefit from spike in oil prices, say economists

Higher oil prices are historically a net positive for the Canadian economy, but high prices caused by international conflict may not result in the same benefit, according to economists.

Prime Minister Justin Trudeau announced a ban on all crude oil imports from Russia on Feb. 28 in response to Russia's war with Ukraine. Oil prices spiked on Feb. 24 during the first day of Russia’s full-scale invasion of Ukraine, with both Brent crude oil and U.S. oil topping $100 per barrel for the first time since 2014.The Hill Times photograph by Andrew Meade

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BY JESSE CNOCKAERT

March 2, 2022

Canada’s economy isn't likely to reap much benefit from climbing oil prices, despite the potentially long-lasting impacts of sanctions imposed against Russia as a reaction to the country’s conflict with Ukraine, according to economists. “Even if we get a resolution to this, the sanctions are ...

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