Oil Prices drive Shell to cut Canadian Jobs

Shell is cutting hundreds of jobs in Alberta as oil price drops change everything.

Already, some companies have put longer-term oil sands projects on hold until markets stabilize, which analysts say may not start to happen until at least midway through 2015. And service industries that support the sector have cut jobs as business has slowed.

Northern Alberta’s oil sands have among the highest development costs in global energy, so operations are particularly vulnerable to skidding crude prices. North American benchmark West Texas Intermediate crude fell 43 cents to $48.36 a barrel on Friday, down from more than $100 in June.

Shell said it is laying off less than 10 per cent of the 3,000 workers at the Albian Sands project, one of five major oil sands mining ventures.

A spokesman for the company declined to give exact job-loss numbers, but a labour official in Fort McMurray, who does not represent Shell workers, pegged them at around 200.

Read the full article here.

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Bobby
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Bobby

Does this mean BC is about to be inundated with rednecks like the mid-eighties? Ughh

StupidityCheck
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StupidityCheck

We’ve got a housing bubble and Dutch Disease. Now energy prices are falling and interest rates are set to rise. We are so f@&ked!

|Boombust
Guest
|Boombust

“We” or thee?

southseacompany
Member
southseacompany

“Drop in oil process could impact Canadian housing market” Global National, video.

https://www.youtube.com/watch?v=pkD2sezQSJs&feature=youtu.be

VMD
Member

1. CPPIB to invest $234-million in Chinese real estate development
Canada Pension Plan Investment Board has signed a deal to invest $234-million in a real estate development in Suzhou, China.

The Canadian pension fund manager has formed a joint venture with Longfor Properties Co. Ltd. to invest in the Times Paradise Walk project, a mixed-use development with residential, office, retail and hotel space.

2. 5 year Canadian bond yield just touched historical low today under 1.17%. Beating the previous low in April 2013.

900kCrackHouse
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900kCrackHouse

I’m really curious what a 30%+ cut to 2015 exploration and expenditures will mean to jobs once propagated out to every oil company. Oil service companies are going to take it on the chin!

Slagathor
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Slagathor

…Canada Pension Plan Investment Board has signed a deal to invest $234-million in a real estate development in Suzhou, China….

China: everybody wants to live there! :0=

cloudy
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cloudy

A mainland visits Richmond and gives his impression.

“I saw many Chinese people out there enjoying the evening along the clean and broad road. Suddenly I was overcome by this tremendous ethnic pride. A local white guy put it simply: Chinese built all these.”

http://www.tianyaxiaozhan.com/forum.php?mod=viewthread&tid=2783

space889
Guest
space889

When posts about all Chinese being locusts, scums, and worst of worst garbage, that all Chinese is responsible for that’s wrong in Van housing market and beyond, and should all go home gets voted up enthusiastically, that to me shows that most bears on this blog are racists, whether you like to admit it or not.

Action speaks louder than your believes and words about your self-superiority.

space889
Guest
space889

Just because you use some stats and math in your research papers don’t make your discipline a science discipline. Economics uses way more highly advanced stats and math than sociology and it is still not a true science discipline, despite how much they want to be like physicists.

The prof made his own personal opinion about how Asian immigrants changed Vancouver/MetroVan and hides behind academic freedom when people rightly calls out how racist his comments might come across. Someone else looking at the same data might very well come to a different conclusion.

That’s quite different from saying F=MA.

Prodigal som
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Prodigal som

now, i see you have consulted the dict.

-the message from the cookie

Prodigal som
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Prodigal som
East Enders Says: January 9th, 2015 at 7:27 pm 37 “Someone should do a T.V show where they interview the buyers of these places to find out what the fuck they were thinking.” I know a few of these buyers personally. One is a lawyer, one is an Gynecologist, one is a CA working for Ritchie Bros. I know another who is a psychiatrist at Children’s Hospital. Their spouses are also professionals who make very good money. They make way above average income and they can afford the $1.6-$1.8M houses on the east side in the very neighbourhoods that were described over the last couple of days as “crappy”, “sketchy” and “shitty” by posters. Here is what they were thinking: “I want to live in the COV because otherwise the commute is hellish. I want to be able to bike… Read more »
Prodigal som
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Prodigal som

For 4300mo a month for a EVAN home?

So, add $150 for vasectomy in the budget.
Anyone here lived or plan to live on 1 income in Vancouver? Is it doable?

M
Guest
M

wow Canadian Bank Stocks falling like a rock, TD is back to what it was January 2014. Housing next?

space889
Guest
space889

@Prodigal som – lots people…., some even live without any wage income earner what so ever.

Most people on my block the woman works part-time or stay at home, and still have Phillipine live-in nanny. They are almost all white families, but for some reason refuse to hire local Canadian white live-in nanny.

Still Doomers?
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Still Doomers?

I can’t believe people are still waiting for a mythical crash?!

Look around you, we are destined to become an Asian City within a Notth America. With prices that match.

Mortgageslave
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Mortgageslave

LMAO! I can’t believe people are still expecting a mythical rise in housing prices! You’d have to be a complete f’in idiot to buy a place in Vancouver. Poor bulls, constantly posting in fear of the inevitable. I guess you always have hope and a prayer.

bullwhip29
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bullwhip29

FP: Calgary’s weakening housing market provides first sign of Alberta economic slowdown

http://business.financialpost.com/2015/01/12/calgarys-weakening-housing-market-provides-first-sign-of-alberta-economic-slowdown

not lookin good, is it? pls disregard if this is a repost

Banker
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Banker

The value of a Canadian home has just fallen 20% over the past year in US dollars.

$410,000USD to $330,000 Today. If that is not a crash, i don’t know what is. It is approaching the US average house price.

The market will remain stable in Canadian dollars. Its just that our currency will be sacrificed by the Canadian gov. 75 cent dollar coming by summer along with 2% 5 year mortgages along with huge inflows of money from Mainland China —> everything is on sale now to them.

Banker
Guest
Banker

Anybody that doesn’t see the above happening truly delusional.

Mortgageslave
Guest
Mortgageslave

Ok Maybe not a complete F’in idiot but like I stated last week on my long rant, It’s about risk vs reward. Some people like to stay away from risk and others think if the bank is willing to give them the money and everybody else is doing it then it must be a good idea. I personally don’t like the gamble on my families future but to each their own.

bullwhip29
Guest
bullwhip29

add this to the list of things that just went up in price…

out of left field, thousands of BC cross border shoppers face roughly 75-100% increases in the cost of poultry and eggs as products from WA and OR are now banned in Cda. if only we had a mad cow scare and perhaps a salmonella outbreak, then people wouldnt be able to bring back any groceries from the US at all. so much for the so called savings from cheap gas. soon to be announced…local upscale eateries revamp menus with updated prices in both CAD and USD.

http://globalnews.ca/news/1767838/ban-on-poultry-products-from-washington-and-oregon-frustrate-cross-border-shoppers/

bullwhip29
Guest
bullwhip29

@ #19

the chinese are having their own fire sale of sorts. imho, they’ve got much bigger fish to fry before they start shopping for more toys and gadgets.

bobwestsiderealtor
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bobwestsiderealtor

Banker, that’s a very good point but not one most (local) bulls will want to hear since the majority of them earn their income in CDN.

Anyone that has bought in the last few months is already down by 10% on a global basis.

bobwestsiderealtor
Guest
bobwestsiderealtor

bulls = bears

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