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From 79 to 82 interest rates went crazy. It flattened the Alberta economy.
In 86 oil went from $37 to $10 a barrel.
Alberta didn’t recover for a decade.
There is no recovery on the horizon.
Oil Spirals Below Zero in ‘Devastating Day’ for Global Industry https://www.bloomberg.com/news/articles/2020-04-20/oil-worth-less-than-nothing-points-to-a-deepening-global-crisis">https://www.bloomberg.com/news/arti...
In 86 oil went from $37 to $10 a barrel.
Alberta didn’t recover for a decade.
There is no recovery on the horizon.
Oil Spirals Below Zero in ‘Devastating Day’ for Global Industry https://www.bloomberg.com/news/articles/2020-04-20/oil-worth-less-than-nothing-points-to-a-deepening-global-crisis">https://www.bloomberg.com/news/arti...
The damage will reach far out of Alberta but Alberta, and in particular For McMurray are ground zero.
Expect property prices to drop 70% and not recover for several decades.
Failure to diversify was the biggest mistake of the boom years.
No pipeline can save Alberta.
Expect property prices to drop 70% and not recover for several decades.
Failure to diversify was the biggest mistake of the boom years.
No pipeline can save Alberta.
As an Albertan by birth and in my heart, it pains me greatly to see what’s coming. The implications are so complex and difficult.
I worry particularly about the children and the difficulties families will face in the coming years. But it will be hard on so many people.
I worry particularly about the children and the difficulties families will face in the coming years. But it will be hard on so many people.
That the Alberta government is so incompetent just makes it that much worse. Thank goodness for the public sector employees. The civil servants in Alberta keep the ship from sinking entirely.
They will, however, suffer greatly under their incompetent elected officials.
They will, however, suffer greatly under their incompetent elected officials.
