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Originally Posted by Ramster
You keep quoting OIL prices and trends and whatnot and the thread was started in relation to the CANADIAN DOLLAR vs USD. As Canadians we are VERY HAPPY the dollar is going down. It is good for all of us that work online, it is good for Canadian exports and it is great for tourism which took a massive hit when the Canadian dollar was on par with the US.
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Oil price drop means lost billions for Canada, CIBC says
Recent dive in oil prices 'an unprecedented development for the Canadian economy,' bank says
The dramatic decline in oil prices will cost Ottawa about $5 billion in lost revenue and provincial economies a little more than that, one of Canada's biggest banks suggested today.
That's one of the main takeaways from a CIBC report that attempts to quantify the impact of plunging oil prices on many aspects of Canada's economy.
"The recent dive in crude oil prices is an unprecedented development for the Canadian economy," the report by CIBC economists Avery Shenfeld, Peter Buchanan and Warren Lovely says.
There's a broad consensus that the declining price of oil is bad economic news for Canada, since the country has made major moves in the last decade or so to increase oil output and become a major global player in energy.
Oil price drop means lost billions for Canada, CIBC says - Business - CBC News
Happy Canadians are very happy about this news huh!
