Quote:
Originally Posted by burn_this_city
I don't think that you realize that probably 40% of money spent in the oilsands business is sustaining capital work, that will continue regardless. Your doom and gloom nonsense doesn't hold much water when you compare this downturn to 2008. We have a short to medium term decline in pricing, but its not the bottom falling out of the basket. Marginal projects have already been shelved, but I haven't heard any announcements that will have a material impact on employment province wide.
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2008 was a short term shock caused mainly by "mood". What we have right now is over supply and lack of demand. We don't know how long this will last. Maybe $70 is the new norm for WTI? Maybe $50? We don't know. The market will sort it our over the next year or so. Very different from 2008.