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Oil Price Collapse Will Cost Canada a Quarter of Related Jobs This Year: Report

Posted May 21, 2015

Under Economic Issues, International Trade Issues

(Daniel Tencer – Huffington Post Canada)

Canada will lose one quarter of all the jobs directly and indirectly related to oil this year, according to an estimate from an industry data analysis group.

Some 185,000 jobs linked to oil and gas will disappear this year, wiped out by a large decline in oil and gas investment, according to a new study from the Petroleum Labour Market Information (PetroLMI) division of Enform.

To put that number in some context: Canada created 139,000 jobs in the past year. At the current pace of job growth, the losses in the oil patch would wipe out 16 months’ worth of jobs gains. By comparison, the loss of 17,600 jobs at Canadian Target locations wiped out about six weeks’ worth of job gains. Click here to read more.