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Job cuts coming to oil industry
Calgary's oil and gas sector will soon be facing job losses of up to 10 percent.
Major oil and gas companies have already cut spending because of the falling price of commodities; and many major projects in the oil sands, which aren't already underway, have been put on hold. Experts say jobs are likely the next area to cut.
But there is some good news for those facing job loses. Alberta has the lowest unemployment rate in the country and recruitment consultants say the marketplace can absorb that amount of lost jobs.
There are other changes the oil and gas industry could be facing. Companies in the industry are now valued for less on the stock market which means some companies are now more attractive to buyers. "I expect to see foreign investment moving in, with respect to oil sands, for relatively cheap prices," says Bob Shulz, a professor with the Haskayne School of Business at the U of C.
The falling price of oil is not only concerning producers in Alberta. OPEC - the Organization of Petroleum Exporting Countries - is expected to cut production of oil to stop prices from sliding even further.
Since July, the price of oil has fallen by more than 50 percent.