Edmonton & The Economic Slowdown

[alskdjf]

Zeitgeist!!

I've watched parts I and II a few times each. Amazing. The economics chapters are sooooo interesting (not to mention the first part about the link between Christianity and Astrology - fascinating and defintiely makes you thin!)

 

[alskdjf]

oops!!!

I meant 'think' not 'thin'!

 

[jim]

Update

Well let's see now:

200 Spar Aerospace employees informed that by the end of June they will be definitely out of work. Many will probably be out before then.

Suncor News:

EDMONTON - Suncor’s decision to slash capital spending will cut into as much as $185 million in revenues from two Alberta-based companies.

Flint Energy Services Ltd. said Thursday it will immediately begin laying off construction workers as the company responds to an expected loss of $100 million to $150 million in revenues this year compared to 2008.

More layoffs will follow once Suncor’s 50 per cent completed Firebag 3 project is placed in “safe mode,” the Calgary-based company said in a statement. Flint did not say how many jobs will be eliminated.

Edmonton-based Lockerbie & Hole Inc. said Suncor’s expansion pullback will defer $35 million in revenues expected in 2010 to a later date. Work on Suncor’s Steepbank extraction plant continues, Lockerbie & Hole said in a news release.

Flint is continuing works on other oilsands projects, including Albian Sands’ expansion, Suncor Firebag sulphur plant and StatoilHydro’s Leismer project.

Flint’s facility infrastructure division had an $800-million backlog at the end of 2008.

"This is disappointing news for Flint and our people who have been involved with the project,” said Bill Lingard, president and CEO of Flint.

Suncor announced Tuesday it was cutting capital spending in 2009 from $6 billion to $3 billion in the face of oil prices that have dropped $100 a barrel since July.

The company said construction on Suncor’s Voyageur upgrader and Firebag 3 projects near Fort McMurray will be wound down and placed in "safe mode." The company said it did not know when work to complete the projects will resume.

 

[namssa]

Yup, we are not out of this one by a long shot.

1-2 years of ongoing struggles before we pull out of this nightmare. 2009 is gonna suck big time as far as economics goes.