The Conference Board of Canada delivered bad news Wednesday for those hoping that the latest crude oil downturn will create only short-term pain.
The Ottawa-based think-tank predicts that Canada’s oil industry will see a 37% drop in revenues, a pre-tax loss of $3 billion and the 8,000 fewer jobs this year compared with 2014. And the industry is unlikely to bounce back as quickly this time as it did after the last major drop in 2008 and 2009, it said in a report published Wednesday.
Crude prices saw a much more drastic drop the last time around – touching records above US$140 a barrel and lows around US$33 in a half-year span – but by 2011, were back above US$100. Click here to read more.