Description:  Not so long ago, it seems, we were hearing all kinds of talk of peak oil. Speculation abounded on what this might mean for  oil prices and their impact on economic prosperity. But now, in spite of various international crises, world oil prices are in decline. Oil prices have hit a two year low amid concerns about oversupply.

Source: Globe and Mail.com

Date: September 30, 2014

Link: http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/crude-oil-in-us-slides-most-in-17-months-on-growing-supply/article20859519/

Questions for Discussion:

1) Are you at all surprised by this turn of the discussion regarding world oil prices? What are your expectations for the future of oil price supply?

2) What will these prices mean for the accountants and auditors reviewing the  valuation of oil reserves on the financial statements of oil and gas companies?

3) What impacts will this oil glut have on the Canadian economy?