Oil Bust hitting Calgary hard

[marmar]

(Bloomberg) Crime is rising, home prices are falling and food banks are overwhelmed in Calgary as job losses spread. And the worst isn’t yet over in the heart of Canada’s oil patch.

Some of the city’s largest employers are poised to cut more jobs in 2016 as they reduce spending for a second straight year, adding to an estimated 40,000 oil and natural gas positions lost across the nation since the crude price rout began 18 months ago.

“We all know someone who has lost a job,” Naheed Nenshi, the city’s mayor, said in a speech this month, lamenting the “funeral"-like atmosphere in the business community.

Calgary, which boasted one of the lowest jobless rates in the nation as crude prices rose over $100 a barrel, is reeling after a global glut pushed prices down by two-thirds. Shares of energy producers have slumped along with oil. While Alberta’s biggest city is benefiting from gains in tourism and transportation, its economy is still 30 percent dependent on oil and gas, according to the mayor. .................(more)

http://www.bloomberg.com/news/articles/2015-12-23/calgary-woes-spread-as-oil-patch-spending-cuts-deepen-in-2016

[yeoman6987]

1. Many places are hard hit when oil drops

I think the places with an oil based economy should tuck some profits away during the good times.