Alberta, Canada’s wealthiest province started 2014 with a booming economy and expected the same for 2015. In retrospect, that might have been the good old days as Alberta’s economic projections in light of the oil crash have dimmed significantly over the last 6 months. Upon Goldman Sachs announcing their dismal oil forecast , oil hit a 5-year low on Monday. The prospect of the proverbial golden goose dying a slow and painful death is causing ripples throughout the Canadian economy. Suncor announced today it will cut 1000 jobs due to low oil prices and slash their capital budget. Many companies such as Shell are following suit . The Canadian housing market could be affected as rising housing prices correlated to the price of oil increasing. The dreaded ‘R’word was uttered today describe Alberta’s fortunes for 2015 and even a mention of a sales tax by Alberta Premier Jim Prentice illustrates how dire the situation is. The oil collapse has the auto industry in Detroit baffled as to what consumers will want from them. The future of the Keystone pipeline is in jeopardy with President Obama saying he would veto should the bill came across his desk. An insightful article on the future of the pipeline explains the political and environmental challenges placed by Stephen Harper’s Conservatives and how it could affect the heart of the Albertan economy.
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