The National Energy Board recently released data that revealed a continuing struggle for many resource-dependent provinces like Alberta, Saskatchewan, and Newfoundland and Labrador. Weak oil prices have resulted in unemployment increases for these provinces.
In an interview with Yahoo News, Assistant Professor Brandon Schaufele addressed how falling oil prices have also had a negative impact nationwide.
“The effects are much smaller, but consistently across the board, falling oil prices caused an effect in pretty much every province except PEI,” he said.
Schaufele predicted long-term volatility for the resource sector, emphasizing the need for governments to understand how to better manage this volatility in terms of revenue.
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