Red Ink Country

The Problem With Socialism, Is The Socialists Hate Capitalism.

 

One of Canada’s largest integrated energy companies may be on the verge of taking drastic measures in the heart of the country’s oil patch. A source familiar with the matter told Oilpro on the condition of anonymity that Husky Energy may shut down its Alberta cold heavy oil production (CHOPS) within days. The source said that the move will be made “in response to the unresponsive government of Alberta to the oil and gas industry” and low oil prices.

Husky is currently constructing 3 new steam-assisted gravity drainage (SAGD) facilities in Saskatchewan, the source said, “basically across the provincial border from Alberta due to the political regime in Alberta. Alberta is no longer interested in oil and gas development.” The projects are the Rush Lake project and the Edam East and Edam West SAGD projects, located nearby.

Socialists Seem To Forget That Capitalism Keeps Them Afloat

Red Ink Country

Energy companies are preparing for a grim 2016. Analysts predict budgets will get slashed further, and that more energy firms may have to cut staff, having already laid off thousands. Ongoing oil sands construction projects will continue to wind down with little to replace them, hitting both the residential and commercial real estate sectors hard. For instance, in nearly one-sixth of all the office space in downtown Calgary, the fluorescent lights now shine on empty cubicles, and it’s forecast to get worse. Reports of the symptoms pop up almost daily: more insolvencies, more business for moving trucks and repo crews, even a noticeable uptick in suicides. The Calgary Stampede itself has been forced to lay off staff, as its offseason event bookings dried up. In November, the Alberta unemployment rate came within one-tenth of a percentage point of the national average, the closest it’s been since 1989. Those trend lines are expected to cross over next year, making it more clear to Canadian job-seekers that the Alberta dream is in decline.

The Great Recession Makes A Return