The Oil Price Crash Is Taking a Heavy Toll On Canada. And the Worst Is Yet to Come
- Unemployment 6.9% in November from 4.6% a year earlier
- Calgary business community feels "funeral"-like, mayor says
A scarecrow to deter birds from the tailings pond is pictured near the Syncrude upgrader plant at the Syncrude mine in the Athabasca Oil Sands near Fort McMurray, Alberta, Canada.
Photographer: Ben Nelms/BloombergThis article is for subscribers only.
Crime is rising, home prices are falling and food banks are overwhelmed in Calgary as job losses spread. And the worst isn’t yet over in the heart of Canada’s oil patch.
Some of the city’s largest employers are poised to cut more jobs in 2016 as they reduce spending for a second straight year, adding to an estimated 40,000 oil and natural gas positions lost across the nation since the crude price rout began 18 months ago.