By Elizabeth K. TodaroMay 01, 2018 04:07:38Oil dipstick, which is the most popular dipstick on the market, is expected to be a major seller in Canada next year.
It is also one of the most expensive brands in the U.S., with a sticker price of $4.99 per gallon.
The dipstick is used by many household products, including paint, shampoo and even plastic food wrappers.
For years, Canadian producers have been buying the oil dipsticks from China and selling them in the United States, a move that could raise profits and lower prices for the oil industry.
“It’s good news for the Canadian dollar, but it’s also a bad news for Canadian oil producers because the price of the oil in the world is expected down to $20 or less by the end of the year,” said Jefferies analyst Scott Johnson.
Last year, the U!
government announced a tax credit of up to $2,500 for producers who purchase oil dipsticks from China.
Canadian producers have also been trying to reduce their reliance on the Chinese market, which was worth about $6 billion in 2015, according to the Canadian Association of Petroleum Producers.
Ahead of the expected dipstick boom, Canadian companies are looking to diversify their supply chains.
U.S. producers are already buying oil dip sticks from China for a variety of reasons, including cost savings.
Some companies have been selling the dipsticks to consumers and retailers in the hopes of cutting their costs and increasing sales.
China, which has a huge refining capacity, has been a huge market for U.K. producers, as well.