Zero Hedge: "Canadians Should Be Concerned" As Energy Sector Job Losses Spike To 100,000 This Year
It's grim up north... and getting grimmer. Amid soaring suicide rates, Canada's once-booming oil patch is rapidly accelerating its downward trajectory. "Canadians should be concerned in times like these," warned Tim McMillan, president and chief executive of the Canadian Association of Petroleum Producers, noting that the oil and gas sector will see 100,000 job losses by the end of this year. Even if oil prices rise early and fast next year, Financial Post reports, it may take a while for Canadian oilsands to rebound as the industry has mothballed a number of long-term projects.
Over the past year, we have extensively chronicled the tragic story of Alberta - Canada's once booming oilpatch - disintegrate slowly at first, then very fast, into an economic and financial wasteland:
WNU Editor: I have many friends who work in Alberta's oil patch .... and they are all telling me the same thing. Hard times are now. In my own case .... I live in the province of Quebec .... and everyone that I know who has a business here are all telling me the same thing .... they are (at best) breaking even. With more Federal and Provincial taxes on the way .... many are not sure on how they will survive. My prediction .... I have seen this all before in Russia when the Soviet Union broke apart .... too much personal and corporate debt coupled with governments wanting to take more has always ended badly .... and in the case of Canada .... I give it one to two years .... doubly so if the U.S. starts to raise interest rates 2016, and Canada then follows to protect its own collapsing dollar.