Oil prices have tumbled alongside global markets, with the price of Western Canadian Select — the benchmark commonly used to measure the value of crude from Alberta’s oilsands — falling to just above US$5 per barrel last week.

Following reports of a federal bailout for the oil and gas industry, on Friday the Government of Alberta also announced it would step up support for the sector. The provincial government will make $113 million in payments for levies owed to the Alberta Energy Regulator — which is normally entirely funded by industry — on behalf of struggling companies for six months.

These moves have led some to question whether, and how, the oil and gas industry should be supported through the economic challenges of the pandemic.