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WowBB Forums > Sports And Wrestling > General Discussion > How will the drop in Oil hit some of your provinces/states?

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How will the drop in Oil hit some of your provinces/states?  Rate Topic 
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 Posted: Wed Jan 21st, 2015 05:01 am
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Principal_Raditch



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I was discussing this with a friend of mine who is an Economics Professor at U of Regina up in Saskatchewan. The provincial gov't up their based this years budget going forward on Crude being $100/barrel, and expected tax revenues based on associated pricing. Now they're flipping out, especially in Alberta for deficit issues based on that lost hypothetical revenue.

I have to Imagine this is going to hit states like Oklahoma and Texas harder than others based on a price of crude that is 50% lower today than it was this time last year.

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 Posted: Wed Jan 21st, 2015 05:35 am
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BayouBoogie



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Principal_Raditch wrote: I was discussing this with a friend of mine who is an Economics Professor at U of Regina up in Saskatchewan. The provincial gov't up their based this years budget going forward on Crude being $100/barrel, and expected tax revenues based on associated pricing. Now they're flipping out, especially in Alberta for deficit issues based on that lost hypothetical revenue.

I have to Imagine this is going to hit states like Oklahoma and Texas harder than others based on a price of crude that is 50% lower today than it was this time last year.

Louisiana is right there, too. The big recession barely messed with us, if at all. We've been riding the oil boom big time. I don't know if it's still the case, but at one point my town, Lafayette, led the nation in millionaires per capita and was third behind Houston and either Tulsa or OK City in total oil/gas revenue. The whole south-central part of the state is built on that industry, and within the last 5-10 years, the formerly depressed north western part of the state has been experiencing a big boom from natural gas wells.

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 Posted: Wed Jan 21st, 2015 04:45 pm
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brodiescomics



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It is not a full blown crisis here is South Texas, but it is coming. Lots of people left their existing jobs for oilfield jobs a few years back to cash in. Some of them are starting to get laid off and more layoffs are coming.



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 Posted: Wed Jan 21st, 2015 06:17 pm
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khawk
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Alberta is the big oil producer in Canada. I'm thinking they will be properly fucked in short order.

(Someone go and ask Wets "Travlr" McFagget on the WC board for confirmation of this assumption, please...)

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 Posted: Wed Jan 21st, 2015 11:17 pm
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broke



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Shift reduction notices already making their rounds in the Fort McMurray area. They're going to be taking it up the ass hard up there, especially with housing prices being as high as they are.



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