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Why Rising Oil Prices Aren’t Helping Canada’s Economy

The link between rising oil prices and Canada’s oil-exporting economy is murky.
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Why Rising Oil Prices Aren’t Helping Canada’s Economy
A gas pump in Vancouver, B.C. on April 30, 2018. The Canadian Press/Jonathan Hayward
Rahul Vaidyanath
Updated:
In January 2015 when the Bank of Canada lowered rates, it stated that plunging oil prices are “unambiguously negative for the Canadian economy.”
The oil price shock that began in the second half of 2014 led to the BoC cutting rates by 0.5 percent and the economy suffered a technical recession (two straight quarters of falling GDP).
Rahul Vaidyanath
Rahul Vaidyanath
Journalist
Rahul Vaidyanath is a journalist with The Epoch Times in Ottawa. His areas of expertise include the economy, financial markets, China, and national defence and security. He has worked for the Bank of Canada, Canada Mortgage and Housing Corp., and investment banks in Toronto, New York, and Los Angeles.
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