Journal Entry 2 – Economics – By Kyra Cameron
This article by Ian Austen is about explaining the damages caused by the fires in Fort McMurray, Alberta to the Oil Sands industry, leading to a negative effect on the Canadian Economy. During the fires in Fort McMurray many oil companies slowed down or stopped pumping oil and production stopped by approximately 1 million barrels a day. With oil being a major industry in Alberta, overall output dropped by about 40 percent due to the decrease in production. Not only is Canada at a loss for production, but the government is expected to pay for 90% of the repairs in the oil industry caused by the damages of the fire. Austen, I. (2016, May 11). Canada Fire Deals Staggering Blow to Oil Sands Industry
This article by Ian Austen is about explaining the damages caused by the fires in Fort McMurray, Alberta to the Oil Sands industry, leading to a negative effect on the Canadian Economy. During the fires in Fort McMurray many oil companies slowed down or stopped pumping oil and production stopped by approximately 1 million barrels a day. With oil being a major industry in Alberta, overall output dropped by about 40 percent due to the decrease in production. Not only is Canada at a loss for production, but the government is expected to pay for 90% of the repairs in the oil industry caused by the damages of the fire. Austen, I. (2016, May 11). Canada Fire Deals Staggering Blow to Oil Sands Industry