Quote:
Originally Posted by skudr248
Regardless of my fuel conundrum,
Where do people see the market going, and projects if the price of oil keeps staying on pace like it has done in the last few months... should O&G people be worried? I work in the O&G sector, and management has been pretty hush hush about the situation, and a friend of mine is getting really worried about it and also wondering (he's own's an IT company and he's primary contracts are with small O&G firms).
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Canadian oil companies are already reporting reduced earnings. After reduced earnings companies will generally cut costs and therefore jobs. Wouldn't be surprised if we see some significant layoffs over the next year if oil settles in the $60-70/barrel range
With the dropping Canadian dollar and reduced fuel costs the manufacturing industry is already picking up. This combined with dropping oil revenues will shift the balance of the Canadian economy back to the norm with the traditional manufacturing centres on Ontario and Quebec doing better.
http://www.biv.com/article/2014/11/b...another-9-ove/
The shift in economic balance will effect inter province migration.