Quote:
Originally Posted by bomberjet
I read an article recently about some of the banks and how the oil impacts them. They were saying how once oil got below $60/barrel, they would start getting worried about loan defaults and all that shit. Oil is now below $50/barrel. I wonder if the sky really is falling in on Harpo's oil based economics. Forcing $35 of fuel to fill my tank every week sure is nice though! Just means I can by more $9 beers at Jet games!
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Extremely low oil prices are just plain bad financially for all Canadians. They just may not realize it yet. We are a huge oil producing nation. There is no way a few hundred dollars in gas savings you might realize can make up for the lost investment, jobs, tax revenue, etc., even in non-producing provinces. Eventually this all trickles down.
Manitoba is on the verge of being a net oil exporter itself. Hundreds of millions of investment dollars slated to be spent in SW Manitoba will be on hold, equalization payments will drop and possible Federal tax cuts shelved.