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Varcoe: High energy prices pushing up inflation, but also spending in Canadian oilpatch

Industry investment levels will be closely watched as companies roll out third-quarter results in the coming days and prepare budgets for the new year

High energy prices are rippling across the Canadian economic landscape, with rising inflation and interest rates — and increased oil and gas sector spending.

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It’s also fuelling expectations of more exploration and production in the oilpatch in 2027, while Canadian governments push for more export infrastructure to be built, including pipelines and LNG terminals.

On Wednesday, West Texas Intermediate (WTI) crude prices closed at US$102.78 a barrel, up more than $2, as global oil markets remain elevated while the war in the Middle East has continued for eight months.

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