Mirror, mirror on the wall: Alberta is in a fall.

[GordonH]

Absolutely. The problem is that there are so many young studs who have no clue what life after 40 looks like and they don't know how to deal with the huge opportunity they have.

It's all about today. There is no tomorrow.

A kid with a half a brain and a trade behind him with a good work ethic and a plan could work up north for 20-25 years, make most of what he needed and come back to wherever he wanted to be and basically be done.

But that isn't what happens which is why there are so many deals on stupid jacked up trucks.

Exactly, good post

[Dizzy1]

And thanks for the cash injection while it was still there to inject.

Its still there, and its bigger than the media is telling you it is.

[mexi cali]

I know. The wallet is a little slimmer though and the magnetic stripe on the back of the card is a bit more worn.

I got eyes n ears in the patch yo.

[bob vernon]

You'll notice that there is one big unanswered question about this drop in the price of oil. And that is how long will this last. Most of the commentators in the media will not try to give an opinion on this. The drop came out of the blue for most of them, and they suddenly find themselves in an unknown area. An old friend of mine who is fairly high up in an oil company in Calgary told me that they expect it to be at least one year, but it could go on for many years. He just didn't know. And his office in Calgary didn't know either.

Syncrude, which has been around for decades in the oilortar sands, has lower capital commitments than some of the newer players and breaks even in the mid to upper $50s per barrel. The newer corporations are much higher, with a break even up in the $70 to $80 range because of their huge and more recent investment. And this is where the damage will be the greatest.

[fluffy]

A lot of the big players can still make money at $50 a barrel, but just barely. What's going on in the oilsands right now is severe cut-backs on "discretionary" spending. New projects, upgrades and expansions are being put on hold as $50 a barrel is basically barely-stay-alive income. It's every-penny-counts for the time being. Crews that were working seven tens are now looking at forty hour weeks, sitting in their bunkhouse rooms for the weekends so that the employers can save overtime costs.

There is a steady stream of keys being turned in at Fort McMurray banks from people who were in so deep that the drop from regular wages to an unemployment cheque made their situation unsustainable. Of course that sort of situation is not restricted to the oilsands, even at the more modest wages paid in the Okanagan how many are in a financial position that wouldn't be affected by losing their job?

What really makes me wonder are the people who seem to take pleasure in seeing this happen.

[mexi cali]

No pleasure. These are people whose lives have been dramatically altered. I just hate the smugness that comes to town in the summers.

[kgcayenne]

Oil has been our ticket and will be for many years to come. People from the Alberta oil industry have been contributing to BC's economy for many years so you should be thankful for it also....

This attitude, exemplifies what it is about the loudest Albertans we long-time BC residents dislike so bloody much. We were here long, long, before Alberta's oil patch money, and we will still be here long after the economy changes in Alberta.

Money seems to be driving the sense of entitlement, and I must remind those with this smug, "we bring money" mantra that having and spending money does not make you likeable, or a valuable component of our communities. If anything, this shallow, materialistic attitude is divisive and damages any sense of community while it drives up real estate prices making it difficult for those who work and live here year-round, and makes the summers here louder than necessary.

[fluffy]

There's another perspective to that kg, BC residents who commute to Alberta for work. The money made in Alberta puts them in a much better position to contribute meaningfully to BC's economy than the weekend warriors who show up in the summer, and with the slow down in the oil patch that money will not be as plentiful.

[OREZ]

I personally don't know anyone who is "taking pleasure" in this turn of events but, having watched Albertan politicians pat themselves on the back for so many years for their financial genius in managing the economy, naturally many are looking with interest at how they manage the economy without bazillions in oil revenue. They'll still have more in oil revenue than any other province of course, just not the embarrassment of riches they've had... until prices go back up and they can go back to being smug again.

[fluffy]

I personally don't know anyone who is "taking pleasure" in this turn of events but...

Maybe "taking pleasure" was an over statement, but there is certainly no shortage of smugness in some of the posts saying they brought it on themselves, or even imply that they deserve the current situation.

I think what I'm trying to say is that people should realize that this is not just Alberta's problem.

[GordonH]

The 20 & 30 year olds (some of the younger 40's as well) currently working in northern Alberta oil industry most likely have not experience whats happening.
As long as they have not over extended themselves, they will ride out this bump in road. Good thing is if they have ticketed trades work is available somewhere. No smugness here, been on both sides.

Added: it always wise to store up during good times, never know how long that may last.

[maryjane48]

best way for politician to look like a idiot , read big jim's book on how talk to your electorate lol

[fluffy]

best way for politician to look like a idiot , read big jim's book on how talk to your electorate lol

Yeah, he's in the news for sure. What part of what he's saying do you disagree with ? I think a lot of the flak he's taking is opportunism on the part of his political adversaries, taking what he has said out of context to try and make him look insensitive and critical. His message is basically sound, a lot of people have spent themselves into precarious situations ignoring that old rainy day adage. The Alberta government isn't in immediate trouble, they still have a few billion tucked away in their heritage fund. I think Mr. Prentice is just trying to steal them up for some austerity measures so they don't fritter away all the government savings keeping up old spending habits in tight times. Like maybe a sales tax or no more free provincial medical.