A former Saskatchewan cabinet minister said the historically low price of oil — caused by a drop in demand brought on by the coronavirus pandemic — shows the need for the country and the province to diversify their economies. “We would have a lot more financial security by building a renewable energy future, globally and in Saskatchewan,”said Peter Prebble, former NDP MLA and current board member of the Saskatchewan Environmental Society.
For the first time in history, a barrel of West Texas Intermediate crude oil, a global price benchmark, was worth less than zero dollars — dropping to -$38.76 USD ($55.03 CAD) at one point on Monday afternoon.