Friday, June 26, 2015

Canada Has Oil Patch Problems, Too

Alberta, the province that has become the epicenter of Canada’s oil bust, does not yet have a budget for fiscal 2015-16. Premier Rachel Notley promised delivery by October. But it won’t be easy. Ideas are already floating around and are getting shot down. The problem: a budget crisis has set in after a sudden shortfall of C$7 billion in oil revenue.

There have been layoffs in the oil patch. Companies are retrenching. Home prices are tumbling in Calgary, the oil capital of Canada. In May, they plunged a record 3.3% and are now down 7% from their peak seven months ago.


In commercial real estate, it’s getting ugly. The number of transactions of C$1 million or more in the first quarter plummeted by 21%, and the dollar value of transactions dropped 11%, according to RealNet Canada, cited by the Calgary Herald.


You can read the rest @

http://wolfstreet.com/2015/06/26/cfib-small-business-confidence-index-alberta-canada-plunges-to-2009-level/

The only way this can be fixed (even partially) is if the US acquiesces to a massive attack on Iran. If Obama ad-Dajjal won't do it, you can bet the next President will.


Q: If we saved the Saudis from Saddam, why are they now attacking our economy?


A: It's because we have no leaders, just amateurs having a good time while our nation is being flushed down the toilet.

No comments:

Post a Comment