The oil slump is putting downtown Calgary on edge, but business commentator Deborah Yedlin says it feels different this time around.
"Even the people that have been here for a long time that have come through some things like this before are starting to get very unsettled about how long this is going to take to work its way through the system," said Deborah Yedlin on the Calgary Eyeopener on Wednesday.
With oil prices plummeting, we continue to hear about energy companies slashing their work forces. For those keeping track, here is an ongoing tally from Forbes:
The latest cuts came Wednesday morning from ConocoPhillips, which announced it will be laying off 200 of its staff. This follows job cuts by Talisman Energy and Nexen Energy on Tuesday.
"People are getting spooked," said Yedlin.
"You talk to people, anecdotally, and they say they feel like there is about 5,000 less cars coming downtown and the morning's traffic is definitely not as heavy as it was."
Yedlin says energy companies are being very strategic about how they're managing their workforce, laying off contract workers first and offering sabbaticals to full-time staff.