As the U.S. considers banning imports on Russian oil, Canada’s benchmark heavy crude punched through the $100 mark today.
It’s the first time that what is typically North America’s cheapest oil grades have risen so high since 2008. Heavy Canadian crude is rising as a potential substitute for Russian oil.
What’s more, the global oil market had a record-breaking daily swing, with Brent crude skyrocketing to $140 in London, in response to the U.S.’s public considerations of Russian oil sanctions.
The oil crisis has the potential to revitalize the economy in the Canadian province of Calgary, which holds the world’s third-largest oil reserves. The province has been struggling since the 2014 market crash, in part due to shifts toward green energy.
Meanwhile, gas prices are rising aggressively in North America, with little sign of relief.