More trouble in the oil business

[youhavegottobekidding]

That’s incredible. In the last 72 hours, Shell, Cenovus, MEG, Devon and now Husky have announced nearly 5,000 people laid off. 5,000 families without work. It’s shocking, it’s depressing, and it’s just the beginning.

Now, there will be people who say that this isn’t the NDP’s fault. It’s the fault of low oil prices.

And it’s true, oil prices are low. But they’ve been at fifty bucks, or less, for 12 months now.

The companies I’ve just listed were saying all systems go on their Alberta projects as recently as July.

What changed this week was that the NDP actually went through with their threats, in the form of their budget. And so the industry has gone on strike — it’s called a capital strike.

Look at what Husky did. They only dumped their Alberta businesses. They didn’t dump their Asian businesses.

In fact, in the very same press release they specifically list the places they’re very eager to invest more — places like Indonesia, and the South China Sea.

Don’t tell me it’s low oil prices. It’s Rachel Notley’s war on the oil patch. Husky Energy will go to places where companies are better treated — including off the coast of Communist China. That is the same China that little trudeau "admires"....yes his own words...................

This does not bode well for anyone of us westerners......(:

[Relentless]

Oil prices are predicted to go below $40 a barrel before the end of the year.

[westbankkid]

Oil prices are predicted to go below $40 a barrel before the end of the year.

Be nice if the Okanagan got some of the low prices benefits.... Highly unlikely...

[vegas1500]

I believe it was the shell project that got cancelled within 22 minutes of the budget being released. I believe it was 2 billion dollars worth of investment they are losing by scrapping their project...

[GordonH]

Oil prices are predicted to go below $40 a barrel before the end of the year.

Be nice if the Okanagan got some of the low prices benefits.... Highly unlikely…

So when did Okanagan get oil refinery, oh sorry your still under misconception that there is direct connection between crude oil prices & the gasoline you get at local fuel station. Got it

[maryjane48]

I believe it was the shell project that got cancelled within 22 minutes of the budget being released. I believe it was 2 billion dollars worth of investment they are losing by scrapping their project...

none of them companies said it had anything to do with the budget . so how about some facts as opposed to speculation .

[LANDM]

Actions speak louder than words. It was a clear signal without having to have it in writing.

[vegas1500]

none of them companies said it had anything to do with the budget . so how about some facts as opposed to speculation .[/quote]

Maryjane, my statement is a FACT. I said the project was cancelled within 22 minutes after the budget being released. Not once did I say it was because of the budget itself. So how about you learn how to read the facts that were written and if you want to assume something, keep it to your simple mind.

[whatwhat]

I have had many friends get laid off from the oil rigs in Alberta in the last year. The lay offs have been happening for a while now..

[sobrohusfat]

...and the ripple effect of an oilfield slow-down ends up negatively affecting the lives of far more people than just the oilfield employees laid-off

[vegas1500]

I have had many friends get laid off from the oil rigs in Alberta in the last year. The lay offs have been happening for a while now..

It has been bad but I am involved with the oil,patch in western AB and it seems to be picking up. There's new rig sites going in, rig moves and overall increased activity. Hopefully it's a sign of things to come. Hope your friends rebound soon.

[Captain Awesome]

I've picked up some Crescent Point shares when the oil prices plummeted thinking the worst is over, but they kept sliding since then. Lost 20% so far, but it seems it's trying to go up now.

[whatwhat]

http://www.economist.com/news/americas/21641288-growth-shifting-oil-producing-west-back-traditional-economic-heartland

"Production of crude oil represents just 3% of Canada's GDP."

Obviously it is horrible that so these people are losing their jobs. But Canada is way more then just oil. We have so many different areas that effect our economy. Our government is moving to focusing on other types of the economy then just the oil companies. Which I personally am looking forward to the other 97% of Canada's GDP getting some attention.

[MAPearce]

...and the ripple effect of an oilfield slow-down ends up negatively affecting the lives of far more people than just the oilfield employees laid-off

True that ... I'm feeling it and I'm in manufacturing.

[bernie428]

I believe it was the shell project that got cancelled within 22 minutes of the budget being released. I believe it was 2 billion dollars worth of investment they are losing by scrapping their project...

What if....
They already had made that decision, based solely on market conditions and costs, and it was a done deal.
To use the announcement to it's advantage, and send a message that they won't be toyed with, they timed it to the budget.

NO, I am not a supporter of her, the NDP, or oil.
I don't trust either, which is why I find that timing a bit too tight.