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Not surprisingly, this added to the extreme pessimism in the sector, sending the share price of many oil and gas companies to record lows and, in some circumstances, flirting with insolvency.

For dessert, let’s sprinkle on the worsening foreign relations with China by allowing ourselves to be dragged into the middle of its trade fight with the United States.

We’re not sure why canola farmers have to pay the price, though, but perhaps they’re just another unintended consequence. The smart ones proactively shifted to wheat, but an extremely wet fall required dryers that, in turn, burn natural gas, which for some reason does not apparently qualify for rebates under the newly imposed and highly complex carbon tax.

There sure is a lot of negativity rolling into 2020. However, there is a great saying that when you’re on your back, there is no place to look but up, and we actually like what we see heading into the new year.

For instance, watch for a return of capital investment as rumblings suggest that U.S. private-equity investors are sniffing around some of the incredible value opportunities being offered in Alberta and British Columbia shale resource plays. The interest makes sense given how overcapitalized the U.S. shale plays have become.