Alberta’s economy reels as oil prices plummet [Toronto Globe and Mail (Ontario, Canada)]
Cenovus Energy Inc (CVE)
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Source: Toronto Globe and Mail
Alberta’s economy reels as oil prices plummet Eileen Kelly had already been out of work for several months and scratching around for something – anything – when oil prices fell off a cliff early in the new year. Ms. Kelly, a born-and-raised Albertan who has worked at oil and gas companies for decades, most recently working on regulatory documents, had been through this before, having been laid off at the bottom of the province’s recession in 2016. It took her two years to find full-time work at Accel Energy Ltd. But late last year, the company filed for protection from creditors as it became one of many small oil companies that were no longer able to pay their bills. In recent weeks, as she waited for signs that Alberta’s economy was turning itself around, there were suddenly ominous headlines about pandemics, a possible global recession and an energy industry caught in a punishing international price war. “You just don’t even want to hear any more terrible news,” said Ms. Kelly, 54,
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CVE
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