Despite not relying on Iran for its oil supplies, petrol and other prices in Australia will rise due to the global impact of the Israel–Iranian war.
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Oil prices are going through what some have termed Black April, but the bigger question is what happens longer term to US oil.
So low has the demand for oil sunk that the US is running out of places to store it.
Alberta oil is the collateral damage of the oil war between Russia and Saudi Arabia, with COVID-19 launching an additional attack. The province’s oil industry will struggle to recover.
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Professor Emeritus of Economics, McMaster University
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