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Thread: With oil prices plunging, what is next for Alberta?

  1. #1

    With oil prices plunging, what is next for Alberta?

    Oil prices are currently in a freefall as a result of decreased global demand and an increased cheaper supply leaving Alberta unable to compete and their oil companies' stocks tumbling.

    Forget about blaming Trudeau for stalled expanded pipeline capacity and the flight of capital investment from the tar sands, after all Alberta's finger pointing and blame, the latest crisis illustrates that investing in Alberta bitumen is a loser's game. The competition is at such a competitive advantage that they can shutter Alberta's high cost production of low quality oil at will, while still turning a profit.

    Will Alberta finally learn this time to wean themselves off of the volatile oil teat? And should Jason Kenney resign? His 10 day old provincial budget, which was always based on fantasyland oil prices, showed a complete lack of foresight and leadership.

    If only Alberta had listened to Greta, they could have already started charting their path forward.

  2. #2
    Next election will just vote in another NDP government and their socialist policies will set things right again.

  3. #3
    Considering the huge fall-off in demand from China and other virus-stricken countries, OPEC and Russia were trying to do some deal to restrict production. Instead, they got mad at each other and talks broke off, with the Saudis (thus OPEC) deciding they would ramp up production to crash the price. It was explicitly stated they are hoping to knock higher-cost producers (like Canada) right out of the game.

  4. #4
    It’s not just the Canadian energy sector in serious decline, it’s the global energy sector. Pull up a stock chart on Exxon, Shell, Schlumberger etc. All of them are in the toilet just like Suncor etc. The entire industry is in decline and no, it’s not JT’s fault.

  5. #5
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    Quote Originally Posted by masterblaster View Post
    Next election will just vote in another NDP government and their socialist policies will set things right again.
    What fantasy world do you live in?Albertan's never voted for an NDP government.The NDP got elected because of a protest vote that went horribly wrong because the late Jim Prentiss chastised us with the most ill-chosen words
    in Canadian political history when he said "Albertan's need to look in the mirror".

    In every riding the NDP won they took it with the thinnest margins whilst the PC/WR split the right wing vote down the middle.

    If you like Socialism so much why not cash out and retire to Venezuela.That lifestyle should suit you just fine comrade.

    SR

  6. #6
    The way I see it, there are two outcomes in the long run. They are based on my understanding that alternative fuels simply can't support the world's population now, and won't in any kind of foreseeable future. Hence the two alternatives:
    1. The price of oil will eventually go up again, and Alberta will do well again. This seems inevitable since no matter how we look at it, the oil is needed. The only question is how long it will take.
    2. The world embraces nukes. From what I can understand, this is the only reasonable alternative to oil. Unfortunately even that can't replace oil entirely until we have a much different infrastructure that can support electrical transmission and storage.

    I suppose we could raise a third alternative, which is where Greta and her crowd seem to be taking us: let the vast majority of the world (i.e. the relative poor) starve and freeze in the dark.

    Yes, that's massive oversimplification, and I could add a lot more, but that would make this TLDR material.

  7. #7
    Quote Originally Posted by storm rider View Post
    What fantasy world do you live in?Albertan's never voted for an NDP government.The NDP got elected because of a protest vote that went horribly wrong because the late Jim Prentiss chastised us with the most ill-chosen words
    in Canadian political history when he said "Albertan's need to look in the mirror".

    In every riding the NDP won they took it with the thinnest margins whilst the PC/WR split the right wing vote down the middle.

    If you like Socialism so much why not cash out and retire to Venezuela.That lifestyle should suit you just fine comrade.

    SR
    I was merely playing into canine cowboys obvious laughable trolling efforts as his dislike of Alberta is well known. Throwing him off so to speak as it’s obvious he is a left wing agitator and an NDP fan. Perhaps my jibe was too subtle.
    Last edited by masterblaster; 03-09-2020 at 04:52 PM.

  8. #8
    Quote Originally Posted by storm rider View Post
    What fantasy world do you live in?
    storm rider, I think you misunderstood. If you knew masterblaster you'd know that his statement was 100% sarcasm (at least I think it was).

  9. #9
    Quote Originally Posted by happycanuck99 View Post
    storm rider, I think you misunderstood. If you knew masterblaster you'd know that his statement was 100% sarcasm (at least I think it was).
    Given how MB and SR have been echoing each other in other threads about Alberta, governments, climate crisis and other topics - this misinterpretation is both ironic and illustrative.

  10. #10
    Alberta better wake up. Play this political game, crank up production to max. Follow trumps friends strategy and flood this market, fill those tanks. Its a forward looking strategy with little morals for allies. But face it, since Trudeau got caught laughing at trump on the hot mike. States being largest producer now. Canada is getting quickly pushed into the energy grave. Yup by : States, saudis, and Russia

  11. #11
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    Quote Originally Posted by masterblaster View Post
    I was merely playing into canine cowboys obvious laughable trolling efforts as his dislike of Alberta is well known. Throwing him off so to speak as it’s obvious he is a left wing agitator and an NDP fan. Perhaps my jibe was too subtle.
    I dont look at it that way as I dont dislike any particular Province based upon any ideology.Yes I do resent that Quebec has it good at the expense of Alberta but that is something that has been crafted by the Lieberals for decades.Feed tax payer money into Quebec so as to get votes and seats in the house of commons.Exactly why Chretien pleaded with Quebecers when they had the referendum in the 1990's because if Quebec seperated from Canada the Lieberals would lose any chance of governance in Canada forever.

    I dont dislike or have any hatred toward any Province in Canada though from my own experience I find people from Ontario feel pretty entitled in general.

    I grew up in Alberta and I have lived in Alberta for 22 years now.I have cut my teeth and found my niche in life.I dont like how people flock to here when times are good and the streets are proverbially paved in gold and then they all fuck off when times get a bit choppy and tough.You tighten you belt and batten down the hatches and weather the storm IMO.Been through a few declines and yes I did partially piss away an oil boom.

    Got my house paid off in 11 years through hard work and I have no regrets.

    SR

  12. #12
    Could there be a downturn in tourism because of the virus. Oil patch and now tourism and about a $71B Debt ... ouch!

  13. #13
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    In the future, Quebec will be sending equalization payments to Alberta.

  14. #14
    Alberta only has it self to blame they had a great boom time they did amazing but they never learned from the past. where is the heritage fund now? they need to have a solid tax base that makes things better for them in the long term because the booms and the busts happenwith greater frequency and they are far more severe.

  15. #15
    Alberta’s failure to diversify their economy over the decades is a generational mistake. Look at Texas as an example. Major energy economy, but other sectors like tech, autos, aerospace, and finance are equally as important. Oh well, you reap what you sow.

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