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A worker transfers oil into a tank at an Enbridge facility outside Alexander, North Dakota. (Matthew Staver/Bloomberg/Matthew Staver/Bloomberg)
A worker transfers oil into a tank at an Enbridge facility outside Alexander, North Dakota. (Matthew Staver/Bloomberg/Matthew Staver/Bloomberg)

Oil price gap costs producers $50-million a day Add to ...

It’s costing the energy patch $50-million for every day that Canadian oil sells on the cheap.

That’s an $18-billion annual hit to companies, and it could endure into 2013 or longer, according to a new analysis of the damage wreaked by an ongoing supply glut.

“If you don’t think this is a big issue, think again,” said CIBC World Markets Inc. analyst Andrew Potter, who calculated the dollar impact of the current lower value of Canadian oil.

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