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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employment has been slowing down already since early this year. The low oil prices will do nothing but fuel continued layoffs. The unemployment numbers are meaningless when %99 of the people working in EPCMs are contractors that don't factor into these numbers. People here made a lot of money and have large nest eggs so even when they stop getting new work / contracts they can last quite a while before panic sets in. If things don't pick up, 2015 doesn't look so hot.