“You’re from Calgary? Welcome! Welcome! Do you have brand-new pickup truck?” I’m asked with a chuckle from a joking – (But pretty serious questioning) hotel clerk on our latest vacation to Eastern Canada (My first 10-day vacation since who-can-remember) We both laugh as I turn a little red looking to the floor… “Well… it’s not new.. its a 2010.. but yeah”.
I own a pickup truck, its a 2010 F150.. it has only 2 doors.. for my friends up north, “That’s not a truck.” .. to my friends in Ontario, it’s a waste of money… OK, you’re both right I guess.
But perception in Canada is very diverse and it drives a lot of our opinions on topics.. topics that don’t need opinions, they have facts.
Today’s Market Update Monday takes a look at WCS.
To my colleagues in the oil patch, they likely already know what this is. To viewers of CBC, CNN, or almost any business news network, you know it only as “Today’s OIL price”.
Here’s the problem though: WCS stands for Western Canada Select, which I have rarely heard on any news network. For TV viewers, and on the surface – most internet viewers, we are almost always given “today’s oil price” as WTI (What the heck is that?)
WTI stands for West-Texas Intermediate. Which long story short is a “high quality oil, that is easily refined”. As you may have guessed from the name, it is not normally raised from Northern Canada.
From my friends at PSAC *Petroleum Services Association of Canada* Western Canadian Select (WCS) is comprised of about 20 heavy conventional oil streams produced in Western Canada.
So, what’s your point Kelly? Well today’s market across almost all platforms show the price of oil as follows, $65.61
Our Canadian Oil sands companies: Who in my case employ friends, neighbours, family members: They buy Ontario’s Cars/Trucks, Quebec’s Cheese and Maple syrup (Sorry to stereotype, but I was just there and it was soooo good.) They travel to Nova Scotia to see their family again! They tour the BC coast (I’m booking my first ever whale tour this summer), heck some are FROM the BC coast… These businesses, and ALL the subsidiary businesses they hire /subcontract /purchase parts from, they are getting the WCS Price… which today is… not sixty-five… but… $47.44.
So, without much fan-fare, Canada companies are quietly at a disadvantage and continue to plug along.
In conclusion, let’s try and get our CANADIAN OWNED MEDIA COMPANIES to at the very least, highlight the CANADA SELECT OIL PRICE when they post their Business news. If to do nothing else but to change the perception… and maybe opinions… while atleast showing some facts.
And that’s my Market Monday.
I’ve got to go shine up my new truck.