The Globe and Mail reports in its Tuesday edition that Canada's fossil fuel industry has advantages over U.S. shale producers. The Globe's Emma Graney writes that with strong balance sheets and lower production costs, the sector remains relatively optimistic despite market turmoil from trade war fluctuations. Cenovus Energy chief executive officer Jon McKenzie said recently that the dramatic oil price drop of $10 (U.S.) last week was "far from an existential crisis" for the industry. He said, "It's not necessary to go tools-down on projects or think about cutting dividends and those kind of things like we did in the past, simply because we have taken care of our balance sheets and taken care of our cost structures and we're able to get through the cycle." BMO's Randy Ollenberger says the expansion of the Trans Mountain pipeline system and conversations about building more pipelines to access markets other than the United States also have Canadian companies feeling encouraged. He says: "Their balance sheets are so strong, no one's particularly stressed about the drop off in oil prices. ... I think most companies -- and investors, for that matter -- would look at the gyrations in the market right now as probably temporary."