CALGARY -- The benchmark price for Canadian heavy oil sank below eight dollars a barrel during trading Wednesday, spelling disaster for the oil and gas industry.

Western Canadian Select hit an all-time low of $7.47/bbl before ending the day at $9.12/bbl on Wednesday, causing oil analysts to sound the alarm.

"We are seeing prices dropping by four-fold amounts, something I have never seen in the 30 years I’ve been doing this," said Dan McTeague, president of Canadians for Affordable Energy.

West Texas Intermediate was also trading near $23/bbl, far off the Alberta government’s budget prediction that oil would reach average prices of $58/bbl.

McTeague said tanking oil prices will have dismal consequences for the entire Canadian economy.

"One would hope these prices start turning around at some point before the damage is done, but I can’t see that happening," McTeague said.

"Enjoy lower gas prices, because they’re coming at a substantial cost to the Canadian economy."

Finance Minister Bill Morneau addressed the nation Wednesday morning, where he announced financial support amid the COVID-19 pandemic, adding that the federal government was "working toward" Alberta’s challenges.

"We have a team working with businesses in the oil and gas sector," said Morneau. "We recognize that ensuring that we bridge these businesses through this difficult time is critically important,”

He alluded to further announcements to address support for the energy sector, as well as cleaning up orphaned wells in the province.

Premier Jason Kenney is expected to address the province Wednesday afternoon.

Canadian Association of Petroleum Producers (CAPP) President and CEO Tim McMillan sent a statement to CTV News late Wednesday afternoon, which said, in part, "The combination of a global economic slowdown resulting from the COVID-19 virus and the dramatic drop in oil prices due to geopolitical actions by Russia and Saudi Arabia is having a devastating impact on Canada's oil and natural gas sector.

"While the details still need to be developed, CAPP is encouraged by the federal and Alberta governments' economic stimulus announcements to date. As one of Canada's largest employers, we are working with both federal and provincial governments to find the most effective ways to create immediate opportunities for investment and employment to help the hundreds of thousands of Canadians who depend on the energy industry."