I don’t really think the government should be throwing additional money at oil companies outside of what all other industries are getting in terms of salary support.
Where I think the government could help is to buy debt as it comes up for renewal in exchange for shares of the company. If a company fails on cash flow then it may not make sense throwing good money after it. If it is failing because of an inability to renew debt Because of current prices then getting it through that point would be helpful.
WCS is $30 US today. If you aren’t cash flow positive at this point you are in real trouble long term.
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