What were you thinking? The Your Money article of February 20th, 2015 (Which sectors benefit from low oil prices?) missed the mark for the Columbia Valley. Thomas Mulcair might have been pleased.
Chamber maids, construction contractors, real estate brokers, ski hill operators, and adventure tourism all are dependent on a strong crude oil price. Any layoffs in the oil sands, conventional oil or gas sectors, or technologies have a direct effect on the economy of this valley. Just look what is happening to our downtown retailin Invermere! The sawmills and grocery stores might do well with lower fuel prices (food costs are higher though), but if we do not have jobs due to oil and gas layoffs, are we ahead?
I could not see the connection with lower interests rates. Doesnt the Bank of Canada lower theinterest rate to stimulate the economy?
So sad, too bad Lululemon! I prefer $107 a barrel for oil!
Editors note: As the title indicated, the emphasis of the article was on the sectors that can benefit from the drop in oil prices.