It’s become tricky for an Easterner to talk about oil.
The anguish in Alberta obviously is real. And when one of the federation’s main economic engines falters, the rest of us will feel it. Consider the stories of Ontario factories that found work supplying the oilpatch after the Great Recession wiped out demand from the United States. The reverse will be happening now.
“It is already clear that a painful adjustment is developing for Western Canada, and there will be a meaningful impact on the Canadian macroeconomy,” Stephen Poloz, the central bank governor, told an audience in Toronto on Dec. 6.
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