AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by News Staff Posted Mar 25, 2015 11:49 am MDT Conference Board of Canada: no quick bounce back from crude downturn this time The Conference Board of Canada has some bad news for those hoping the crude oil downturn will be short-lived.In its latest report, the Ottawa-based think tank says the industry is unlikely to bounce back as quickly this time as it did after the last major drop in 2008 and 2009.Crude prices saw a much more drastic drop the last time around _ touching records above US$140 a barrel and lows around US$33 in a half-year span _ but by 2011, were back above US$100.This time, the board says prices aren’t likely to climb above US$80 a barrel in the foreseeable future _ thanks to drilling technology that has unlocked huge volumes from U.S. tight oil formations.The outlook through 2019 is about US$30 below what the board had forecast during the first quarter of 2014.The Conference Board predicts revenues will drop by 38 per cent between last year and this year and the $56 billion invested in 2014 is likely to be the high water mark for oil spending in Canada.

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