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Reflective Discussion

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The below image is a photo of an Alberta oil sands. The oil sands are large deposits of heavy crude oil. All of the oil we have in Canada comes from these sands.

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I am using this photo because I feel it gives a good visual to sum up the oil industry in Canada. what was once a thriving industry is now free falling.

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This image speaks to those in working in Alberta who lost their job due to the oil crisis. Alberta has experienced large scale layoffs because the province relies on its oil industry. i found this picture to very powerful as you can only imagine those people leaving Alberta not knowing what they are gonna do next and how you would feel if you were phased with such a disaster.

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This third video takes a different look at the oil crisis in Canada. this video talks about the crisis and how it affects an individuals life. The Jobs lost and the increased cost of living in Canada due to the oil crisis has resulted in a 30% increase in rate of suicide in Alberta since this crisis has begun. its only a matter of time until this is felt nationwide.

I felt this video was important because it shows us how a economic crisis of this magnitude affects everyone in Canada in so many different ways. when you look at this crisis in a greater scope you see how dangerous and destructive it can be to the Canadian people

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Suicides in Alberta, Canada up 30% Due to Cheap Oil & Collapsing Economy?

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this second video gives us another good visual explaining why oil prices in Canada are falling.  this video outlines the same two reason as the last video for Canada's struggle in the oil industry. this video also talks about the relation between US and Canadian oil. It is very concerning to see the price of our oil compared to that of the states. This being one of the reasons that their dollar has been better than ours for many years.

Before watching this video I did not know that Canadian crude oil was actually refined in the US. the video sates that our crude is heavier and hard to work with.

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What's fuelling plunge in price of Canadian oil? | Watch News Videos Online

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Watch What's fuelling plunge in price of Canadian oil? Video Online, on GlobalNews.ca

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This first video looks at the two main reasons why the expansion of the pipeline system for the purpose of moving crude oil is being hindered. The first reason being the legal battles the project faces for infringement issues for example aboriginal groups are protesting the pipeline being built on their land. That and many other legal issues delay such an an expansion. the second reason is money. It is very costly to fund a nationwide infrastructure expansion.

I used this video as I believed it gives us a clear and concise look at what problems pipeline expansion is faced with and this issue is of great importance as the oil crisis stems from our pipelines not being able to move enough oil. with these upgrades anada would be able to move much more oil and therefore the economy will be able to dig itself out of this hole.

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Why is it so hard to build pipelines in Canada?

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My last weblink talks about the oil crude crisis Canada affects us all and what exactly the long term effects are. The article goes on to say that almost $2000 of wealth has evaporated for every man, woman and child in Canada due to the oil crisis' effect on our economy. there are many other concerning statistics throughout the article.

I especially enjoyed this article because is presents us with problems that affect everyone in Canada because of this oil crisis. I feel the most important part of this article is where it states " Fortunately for Canada, the country has a diversified economy, which is helping to stabilize the overall economy to some extent" this stood put to me because it makes us bare the question where Canada would be if we weren't graced with a landscape that is so rich in various resources.

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What Are The Long Term Effects Of The Oil Crash For Canada? | OilPrice.com

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The oil price crash has hit Canada particularly hard with the impacts being felt beyond the energy producing provinces; luckily the Canadian economy is sufficiently diversified to bounce back

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This second web link tells us about how the oil crisis in Canada is affecting our banks. due to the oil crisis, rates at Canadian banks have been on the rise. jacking up the fees to make of for loan losses. on top of rates going up, bankruptcy is also on the rise in western Canada as a result of oil prices.

I chose this article as it shows us an alternate look at what impact the oil crisis is having on us in all shapes and forms.

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If you do business with one of the country's big financial institutions, there's a decent chance you've been hit with an increase in bank fees in the past year. As it turns out, you can blame the alterations at least in part on the oil crash.

The country's "big six" banks are expected to face financial pressure from their exposure to the oil sector - that is, to households and businesses with direct ties to the sector that borrowed from them throughout the boom.

It's a near-certainty some customers will have difficulty paying back those loans which will dent profits at the bank.

The expected hit will be "hardly apocalyptic," CIBC World Markets analysts said in a new research note.

But the analysts have cut their outlook for profit growth at the Big Six - comprised of Royal Bank, TD Bank, Scotiabank, the Bank of Montreal, CIBC and National Bank - by one per cent this year and two per cent next.

"We're not headed for the bomb shelter just yet," the analysts quipped.

Still, bankruptcy rates are beginning to trend higher in parts of Western Canada hit hardest by the downturn (see chart below), and calls to credit councilors are up substantially in places like Edmonton.

Fee hikes are one way banks are softening the blow from a rise in loan losses.

Offsetting pressure

TD, for example, is implementing a raft of fee hikes TD Canada Trust customers at the beginning of March. The changes are similar to ones implemented by RBC and BMO in June and April, respectively, as oil prices were diving below $50 a barrel.

Among the new fees at TD Canada Trust is a $5 charge to cancel an Interac e-Transfer. If you want the bank to hold a post-dated cheque to be deposited in-branch, it will cost you $5. And if you want to transfer your Tax-Free Savings Account (TFSA) to another institution, it will cost you $75.

Combined, the six largest lenders earned $34.88 billion in net profit last year, up almost five per cent from $33.27 billion in 2014.
MORE: High debt loads are catching up to Albertans Click here to view data "

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One way banks are coping with oil crisis? Charging you more

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If you do business with one of the country's big financial institutions, there's a decent chance you've been hit with an increase in bank fees in the past year. As it turns out, you can blame the alterations at least in part on the oil crash.

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This first web link looks at the struggle that Canada's oil industry is experiencing regarding the transportation of the crude to export. Due to the low capacity pipelines and shortage of railway capabilities, Canada is having trouble exporting crude oil and there fore causing prices to continue to fall.

I found this article very informational. it illustrates a very frustrating reason why oil prices are through the roof right now. the part that resonates the most useful information is that part that states that pipeline expansion is facing a lot of obstacles. I find this to be of importance as with the expansion, the oil crisis will begin to correct itself

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Canada's Oil Crisis Continues To Worsen | OilPrice.com

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The bad news continues to roll in for Canadian oil producers, with Alberta's low pipeline capacity being compounded by a rail car shortage