Alberta Premier Jason Kenney says his government is examining the possibility of providing credit to cash-strapped oil and gas companies. "We are potentially looking at setting up a credit facility that would allow for access to credit at lower rates of interest for highly distressed companies," he said. Price war, falling demandAlberta's oilpatch, still finding its feet from the price crash of 2015 and ongoing pipeline capacity issues, was hit hard over the past week by dwindling demand brought on by COVID-19 and a price war between Russia and Saudi Arabia. Billions have been wiped from bottom lines of Calgary-based companies, and Canadian oil has been trading at below $20 per barrel. The premier also said he wants new federal regulations, like clean fuel standards, paused for at least a year to give the oil and gas industry time to recover.

Source: CBC News March 12, 2020 21:00 UTC