Alberta's oil sands projects are taking a break. For now.
When we think of this break we have to think long term the next two to three years will be slow.
Peoples views of short and long term cycles differ i.e 2-3 months, 10 to 20 years. A great way to get terrified is to think day to day and follow the media.
"On the horizon, and not too far out on the horizon, we do see that demand coming back, and we need to use this time to prepare for it. I think business and government are working in that direction, but it is early going; the financial crisis only hit a short time ago," Art Meyer, senior vice-president for oilsands projects Enbridge.
Basic fact is the need for oil won't go away, contrarily, it will increase dramatically, while the production of conventional oil is decreasing. That leaves the unconventional oil sands which the world is looking at to meet the estimated 45 billion barrels a day shortage that is looming in the future.
We need to make the oil-sands cleaner to be more appealing, the technology is there. Cleaning is crucial and in turn will slowly push up the amount of jobs in the area. This means more housing needs which means a return to positive increases in housing prices.
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