The price of oil has continued this week to plumet in the global commodities markets. The major indices have in turn dropped to reflect the lack of investor confidence aand energy export revenues that are now at 40-percent last years average.
“The economists are telling us its the law of supply and demand. Apparently we’ve flooded the market with cheaply produced oil and now the market price is starting to reflect that” says spokesperson for OPEC, the Organization of the Petroleum Exporting Countries. “Sure thats what they teach first-year business students, but this is the real world not University! That stuff couldn’t possibly matter.”
Meanwhile, many provinces (Actually, all of them) with budgets that depend highly on oil revenues and royalties to stay afloat are facing the possibility of defecits in the high millions.
Finance minister for the Province of Newfoundland & Labrador was accused in Question Period this week of gambling the Province’s entire future on one industry. He replied ‘Well of course I put all me eggs in one basket; Thats efficiency! Progress b’y! You can’t beat into town with two-dozen baskets, thats wasteful and foolish!”
Families all across Atlantic Canada who have relatives working in the oilsands and on the off-shore drilling platforms have growing concerns. They say they are worried their childrens jobs and couldn’t dream of having to go back to the fishplant if the cheque home gets cut off.
We caught up with Marge Tobin in Gander, NL who has a son currently employed North of Edmonton in an oilsands project.
“Oh yes, I worries about Eddie. He says lots of crowd up der is gettin’ laid off.” When asked what her son does specifically she replied “Well all I knows is, he does alright. You knows how it is. He makes enough to buy he’s knew truck (A $70,000 Ford Raptor), bought a bungalow up der (An $800,000 investment), and he has his new North face jacket on everytime he flies home (every 3 weeks) on turn around, you know the company pays for dat though (A $3000 expense every month)”.
There has been no official statement from the Federal government on the issue as of yet. However the number of sweaty, nervous cabinet ministers seen gathering on the roof of the parliment building, gazing at the ground has been increasing each day this month.