Canada’s economy unexpectedly shrinks as resource sector stalls

[chuckChuck]

Oil dependent economies around the world have seen revenues fall in the last few years. Alberta is certainly in troubled times and it is hell for those who lost high paying jobs. But the biggest part of the price drop in oil occurred because of market fundamentals that are not set in Canada. The US is now the largest producer of oil in the world. High prices and new technology attracted investment and increased production in more profitable oil producing regions than the tar sands. I don't know why people expected the unsustainable rapid growth in oil production in Alberta to last for decades? Experience should have shown that high price periods don't last forever.

Even Saudia Arabia is planning to diversify its economy away from oil:

https://www.theguardian.com/world/2016/apr/25/saudi-arabia-approves-ambitious-plan-to-move-economy-beyond-oil
Saudi Arabia approves ambitious plan to move economy beyond oil
15-year plan includes diversification, privatisation of state assets, tax increases and creating a $2tn sovereign wealth fund

https://www.forbes.com/sites/ellenrwald/2018/07/25/signs-point-to-trouble-ahead-for-saudi-economy/#7f80553a635d

[jazz]

These posts from chuck really get me triggered. Canada is not Saudi arabia. They have one commodity, oil. Our country is already diversified from coast to coast. The oil industry isn't talking about turning the entire country into a petro state. We have a good quality resource that's 10-12% of the GDP and it should stay there and even incrementally increase if we can do it sustainably. Stop talking like its all oil here. The resource just happens to be in 2 provinces. That doesn't make the country undiversified. And equalization is the program to make sure that doesn't happen. I don't see Quebec diversifying away from their industries.

[Guest]

gas in seattle is $1.22/liter cad , gas in hongcouver is $1.62 cad liter, thats $1.72 /imp gal govt is taking
that'll get the economy humming
trump bad

[Guest]

These posts from chuck really get me triggered. Canada is not Saudi arabia. They have one commodity, oil. Our country is already diversified from coast to coast. The oil industry isn't talking about turning the entire country into a petro state. We have a good quality resource that's 10-12% of the GDP and it should stay there and even incrementally increase if we can do it sustainably. Stop talking like its all oil here. The resource just happens to be in 2 provinces. That doesn't make the country undiversified. And equalization is the program to make sure that doesn't happen. I don't see Quebec diversifying away from their industries.

you will have better luck sticking your head between your legs and kissing your own arse than arguing with the likes of that lol