For Canadian Repo Men, Business Has Never Been Better
by Tyler Durden
ZeroHedge.com
12/27/2015
Four days ago, we again profiled Canada’s unraveling economy.
For those who may be late to the story, the inexorable decline in crude prices that’s played out over the past 13 or so months means the country’s oil boom is now its oil bust and nowhere is the sharp reversal in fortunes more apparent than Alberta, the heart oil Canada’s oil patch.
Oil and gas investment in the province tumbled by nearly a third in 2015 as rig activity plunged by 50%. The country as a whole has lost 100,000 oil and gas sector jobs amid plunging prices and as Bloomberg noted last week, some skilled workers have given up on the sector, choosing instead to go back to school in order to acquire the skills they need to pursue employment in other fields. In a sign of the times, food bank use in Alberta was up more than 23% in March (the last month for which there’s data). Here’s a look at the interplay between crude prices and Calgary’s unemployment rate:
The Rest…HERE
