Cross Country Checkup

Is the drop in the price of oil affecting you?

Oil plunge: The plummeting price of oil has made transportation, heating, and manufacturing cheaper ...but there's a dark side: lost jobs in the oil patch, dwindling tax revenues, and a declining dollar. How is it affecting you?

Oil plunge: The plummeting price of oil has made transportation, heating, and manufacturing cheaper ...but there's a dark side: lost jobs in the oil patch, dwindling tax revenues, and a declining dollar.

How are the dropping prices affecting you? 


GUESTS & LINKS
TWITTER & EMAIL
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INTRODUCTION

The plummeting price of oil has very much been a concern of many across the country who monitor the economy for changes that have real impact.  Since last June the price has dropped by more than half ....from $110 US dollars per barrel to less than $50. And experts believe we haven't seen the end of it yet.

Canada weathered the 2008 recession largely on the strength of its oil economy but now things are changing fast. 

Layoffs in the oil industry have already begun. This week one-thousand Suncor workers lost their jobs. The federal and provincial governments are re-examining their budgets facing the prospect of declining tax revenues. 

But the news is not all bad.  Lower fuel costs puts more money in the pockets of all Canadians, including businesses.  Transportation, heating, and manufacturing will be  cheaper. 

The Canadian dollar has followed the dropping oil price, and while that will make imports more expensive, it will also boost Canadian exports of everything from manufactured goods to commodities -- important for a trading nation. 

The effects of something as basic as a barrel of oil are complex and far-reaching.  And that is why we'd like to hear your views.

What is going through your mind as you see and hear about all the changes that could take place?  You must be benefiting already from cheaper gas and oil ...has that made a difference to your daily life?  Are you driving more?  What about the prospects of layoffs ...or on the brighter side, the potential for a revitalization of manufacturing industries?  If you run a small business, what does it mean to you?

Our question today: "What do falling oil prices mean for you?"

I'm Rex Murphy  ...on CBC Radio One ...and on Sirius XM, satellite radio channel 169 ...this is Cross Country Checkup.


GUESTS

Amanda Lang
CBC News Senior Business Correspondent.
Twitter: @AmandaLang_CBC

Paul Moist
National President of the Canadian Union of Public Employees.
Twitter: @CUPENatPres

Melissa Blake
Mayor of the Regional Municipality of Wood Buffalo / Fort McMurray.

Twitter: @MayorMelissa

Andrew Leach
Energy and environmental economist, Associate Professor at the Alberta School of Business at the University of Alberta.
Twitter: @andrew_leach

Ross Wiseman
Minister of Finance for Newfoundland and Labrador


LINKS

CBC.ca

National Post

Globe and Mail

Macleans


TWITTER & EMAIL

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