Photo Source: As found on November 5th, 2014

Anxiety rises in Alberta as oil prices decline. Oil is crucial to Alberta’s economy. The decrease in prices has caused much discussion and debate all over the world. This change in price could result in increased unemployment, a hindrance for real estate and a decrease in the economic boom in Alberta. The province has prided itself on economic growth and strength over the years. Oil production has been largely beneficial to the province but also to Canada as a whole and this slowdown is a concern for the entire country.

As an Albertan, I am concerned with the low price oil has reached and the effect this has on my home. I struggle to see the benefits to other regions of Canada from this downturn that Macdonald and Vieira refer to in the Wall Street Journal. Alberta is a safe haven to job seekers. Our unemployment rates are (and have been for years) far below the average in Canada. Oil production is “an estimated 7.5% of Canada’s GDP”, and therefore very influential on the country as a whole.

Photo Source: Posted on April 18th, 2013

A drop in oil prices will not only negatively effect Alberta, but the country as a whole will be heavily effected and should bear this in mind. The negatives for Alberta outweigh the potential positives in other provinces from this economic slowdown. At the end of the day, we all live in oil country.