This is a great article by the Edmonton Journal's Gary Lamphier. When the media is all over the place with one faction calling for the worst recession/depression Canada has ever seen to another saying we completely will not follow our southern neighbours you need someone to say, "Hey these are the facts"
It seems as though there is nothing more entrenched in the public's mind than Alberta is a boom and bust province. Well, what if it weren't?
Mr. Lamphier's point is that when your really crunch the numbers (as you always should) the headlines and the facts are two completely different things.
"..... most analysts expect energy prices to rebound 12 to 18 months from now. I see no reason to disagree with them, even if the U.S. economy continues to struggle.
Oilsands spending is also down. It's expected to total roughly $10 billion or so this year, about half the initial projections. A disaster? Hardly.
Just a few years ago, that would have qualified as a boom year. But memories are short, especially in the media.
Moreover, many new oilsands projects that have been recently delayed are likely to come back onstream once prices rebound, costs fall and duplicate projects are consolidated." Gary Lamphier Edmonton Journal
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