Canadian Association of Petroleum Producers CEO Tim McMillan says oil producers in western Canada will likely cut their investments by one-third because of the decline in the price of oil and gas. McMillan said, ‘The Investments that we’re seeing drop off are larger in conventional drilling than in the oil sands, but really it’s being affected across the board.’ But, the low prices are only one issue Canadian producers are tackling. McMillan said, ‘The amount of new oil coming out of the shale plays is fighting for pipeline access with conventional oil from Canada and the oil sands. So, one of the challenges we need to face is getting more market access, be it pipelines or rail.’ TheStreet’s Rhonda Schaffler has details from Houston, Texas.
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