“Canada Oil Industry Loses Over 20% Of Workforce Since 2014”
April 12, 2019
“Canada’s oil and gas industry could shed another 12,500 and more jobs this year, which would bring the total job losses over the past five years to 23 percent of the 2014 total, which stood at 226,500. These are among the findings of a report by PetroLMI, the labor market information service for Canada’s oil and gas industry, a division of Energy Safety Canada.
The reasons PetroLMI lists for the job losses expected for this year contain few surprises, and include “low commodity prices, a decline in capital spending and uncertainty over market access… The natural gas segment is not faring much better, according to the PetroLMI report…”
This is kind of surprising. The U.S. didn’t pick up oil production until recently. Canada oil has been declining since 2014. Anyway I think it’s safe to say investments will be down and be push further down over the year.