Quote:
Originally Posted by GGG
This narritve of Calgary’s a ####hole and in trouble is tiring from both sides. The sustaining production of current oil sites will continue to support jobs in Calgary even at $20 WCS. $20 WCS is temporary. These layoffs from lack of foreign investment and capital flight have already occurred. We are at what sustained low oil prices look like. Now if I am wrong and instead we are in serious trouble then spending on the Olympics won’t matter as we are in serious trouble. The money spent on the Olympics wil just come out of other Capital projects. It means less overpasses if budgets are blown. That is completely irrelevant to how Oil and Gas are doing.
The city can do nothing to affect the macroeconomic conditions so using that as an argument for or against doesn’t make sense.
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So Calgary is not a ####hole, I never said that.
Moving on, you couldn’t be more wrong. What’s happened on differentials has actually occurred more to the point over the last two weeks in particular. Basically diffs and investment analysis has become a disaster over like the last one month to two weeks. That’s why what were planned for 2019 capital programs in August and Sept are absolutely not the same capital programs people are talking about in Oct and November. Things are changing fast to the downside. Do you follow the stock market?
You people need to understand something. Calgary is in trouble. Like you think things are rebounding when the country can’t get product out and supply is increasing with no way to move it! Do you think Keystone getting shut down in Montana yesterday helps?
Get a grip. The red alert button has been on in industry for the entire year and over the last month panic has actually started to settle in and you can sense it.just because some macroeconomic rube cruises in and says well 2017 Alberta still was the best provincial economy does not make it true looking forward. You think jobs are stable at $20/bbl???
It’s devils advocates like you that do not help the narrative and we all need to be pulling in the same directly at this point.
Industry needs support not questions. Industry needs help not uncertainty. The quality of life for Calgarians is at significant risk. It has never been as bad as it is today in Calgary including the early 1980’s when we were contemplating 1988 Olympics. There wasn’t the environmentalist nonsense. There wasn’t the inability to build a company and there certainly wasn’t the massive capital flight from the investment community.
The alarm bells should be loud and clear and yet we have people like you walking along not understanding how serious it is and others hoping we focus on and host the ####ing Olympics.
It’s absolutely the most ridiculous thing I have ever seen in my life in Calgary.
And no, the 0.000001% of Olympians who use these facilities to train in the future do not make an economy for the thousands of Calgarians who depend on these jobs, hundreds of thousands of Albertans who depend on these jobs and this sector or millions of Canadians who economically benefit from the oil patch today.
Calgary is one of the highest quality of life cities in the entire world now let me ask you. Was that because of oil and gas and business or was that because of the 1988 Olympics?
I’ll tell you what we should do with $500MM since we seem to have it to throw around. We should invite business leaders and politicians to Calgary constantly to drum up a transitional industry(ies) to Calgary to set up shop. We should provide subsidies tax advantages and breaks on utilities to new industry to create businesses in Calgary that will have jobs. Like our Amazon bid. We should not be ####ing around with corruption via the IOC and bolstering Nenshi and city hall and BidCos personally motivated profiles by hosting an expensive PARTY that is not a lasting economic impression on the city of Calgary.
We are in trouble short term. Watch.