Alberta Economy Crash and the Oil Industry
Alberta has been in recession since the start of 2015, this long lasting economic slump can be credited to the extreme drop in oil prices. Crude oil prices plunged nearly 50% from June, 2014, to mid-December, driven by fundamental imbalances and market pessimism. Subsequently, this has caused Alberta’s major industry to suffer greatly. The most significant impact being Alberta’s net job losses ratcheting in at a shocking 19,600. This unemployment is the greatest our province has seen since the economic crisis of 1982 and has undoubtedly affected nearly all Albertans.
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This economic downfall expresses the complexities of nationalism in Alberta and Canada. As a province actions are being taken by government and civilians to pull through this recession and come out the other stronger than ever. Continuing to support the economy in these dire times is how Albertans are fighting to improve the economy and stop the situation from worsening any further.
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The overwhelming job loss in Alberta has brought in national concern, therefore uniting Canadians even further through nationalism. Alberta economy affects Canadian economy, therefore this is not just an isolated issue. Through the oil industry, Alberta financially contributed the most to the Canadian government. This money would go towards public services, health care, education, etc. for the entire country. Therefore, without the abundance of money, the entire country is at loss.
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This mass amount of job loss within the province has resulted in the laid off workers getting new employment in areas generally occupied by teenage workers. Consequently, youth employment has been affected. Those in search of work may find it more difficult as there is more competition for jobs. This is because of the influx of the 19 600 laid off individuals in search of new job opportunities, therefore creating issues for all involved.